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Richard Hudson, partner, recently contributed an article to Asian Mena Counsel: In House Community on cybercrime.
Discussing the ‘CEO fraud’ scam, the article explains measures companies can take to both reduce the risk and mitigate after the fact.
The fraud entails an employee receiving an email which appears to have been sent by a CEO or another higher level employee of the company. In reality, the email has been sent by the fraudsters, with the CEO’s email address either having been hacked or the email address being similar to the high level employee’s email address. The fraudulent email requests that funds be transferred immediately to an account in a different jurisdiction as part of a secret project that is being carried out by the company. The recipient is told not to tell anyone else about the transaction.
The ‘CEO fraud’ has caused significant damage to companies worldwide in recent years, but it can be prevented, or money can be recovered – the keys are to apply accounts procedures rigorously, and to act fast if you become a victim, writes Richard.
Please click here to read the article.
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