Sometimes referred to as the Business Email Compromise scam, this fraud starts when a potential victim receives an email that appears to come from an executive in their company who has the authority to request wire transfers. In some cases, the fraudsters create email addresses that mimic those of the CEO or CFO. In other cases, the fraudsters have compromised and subsequently used the email account belonging to the CEO or CFO. Often, the email will indicate that the “executive” is working off-site and has identified an outstanding payment that needs to be made as soon as possible. The “executive” instructs the payment to be made and provides a name and a bank account where the funds, generally a large dollar amount, are to be sent.
Losses to this scam typically range from tens of thousands of dollars to hundreds of thousands of dollars.
For more information, please visit the Competition Bureau’s website for even more ways to keep yourself safe.
