German Companies Losing Millions Over CEO Scam

Calling all companies in Germany, don’t be fooled by a recent scam duping establishments out of millions of euros as scammers pose as top executives.

From social media, public company websites, job sites and direct calls to companies, all it takes is a scammer to disguise themselves as a legitimate chief or other top executive, and request that a company transfer funds.

“The scam targets personnel in the accounting and auditing departments of a company who were authorized to transfer funds, often using time pressure and warnings about an alleged “secret project” to manipulate them to carry out the bogus orders,” reports the New York Times.

According to the BSI agency investigating the new scam, over 5,000 companies have been targeted and have lost millions of euros in the past few months.

Companies who have been targeted and have authorized transfers are advised to cancel transactions and should contact their local authorities immediately.

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