Business Email Fraud

Business email fraud is on the increase globally and after a high profile case in France, where the company Etna industries were defrauded to the tune of 100,000 euros. Companies are becoming more aware of the threats that their organisations face from business email scammers.

The faces of business email fraud are wide and varied and there have been documented cases where:

  • A fraudster posed as a boss of a company instructing staff to make a wire transfer into their account
  • Fraudsters claiming to be a supplier and asking for outstanding invoices to be paid into a new bank account
  • Employees clicking on links within phishing emails that contain malware authorising several small payments to the fraudster’s account.
  • Fraudsters posing as a bank’s IT department requesting a test transfer which turns out not to be a test!

Increasingly, fraudsters are using publicly available corporate data taken from the internet to make the emails as convincing as possible. Fraudsters will do plenty of research to find out who the bosses and senior executives are from social networks, most notably LinkedIn, and then pose as them online to defraud the companies they work for.

Hacker and computer virus concept

The reality is that staff are far less likely to question instructions purporting to come from someone on their senior management team and employees are being duped, based on email instructions that they think are coming from their bosses, to make decisions that affect the finances of the company they work for.

There are believed to be thousands of scams like this happening globally but not all of them get reported. Organisations are often embarrassed about how they have been scammed and don’t want to be perceived negatively as a result.

At Insight we can help guard your company against this type of fraud so don’t be embarrassed, please get in touch. Contact one of our professional private investigators for more information or phone us on 0808 278 1604.