With technology becoming increasingly sophisticated and email now being the usual method of communication in the corporate environment, cybercrime is on the increase, with many companies suffering substantial losses as result of sophisticated email scams, such as the so called “CEO fraud phishing scams”. A typical scam involves the fraudster posing as the CEO or other senior staff member of a company, either by hacking into their email account or creating a very similar email address to impersonate them. The fraudster then contacts an actual staff member of the company and instructs them to transfer funds into an account in a different jurisdiction as part of an urgent business transaction.
Banks have also become targets, with tech savvy fraudsters using sophisticated software to trick bank staff into believing that they are communicating with a customer and convincing them to transfer funds.
Deacons has acted for numerous clients who have fallen victim to email frauds and has assisted them in recovering funds transferred as result of such frauds. We also advise on measures that can be put in place to prevent such frauds occurring.