Is That Your CEO? How To Protect You And Your Company From A Growing Threat

By Mel Campbell and Jeremy King

It can be as simple as an email that looks like it’s from the CEO. Or it can be as complex as someone hacking a company’s operating systems and draining its accounts. Or it can be something that just doesn’t seem right when a request to move money comes through, like in this example from the FBI.

Regardless of the tactic, the result is often the same. In rough numbers, when crooks carry out wire fraud schemes, the cost is more than $100,000 per incident, on average.

Since last year, Regions Bank and law enforcement have seen a significant increase in wire fraud. One of the most common scams is known as business email compromise (BEC). According to the FBI’s Internet Crime Complaint Center (IC3), fraud from BEC increased by 136 percent between December 2016 and May 2018 – with total losses of more than $12 billion nationwide.

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