CEO fraud
business email compromise · BEC · fake CEO scam · fake transfer order · payment diversion fraud · invoice fraud · arnaque au président · FOVI
A scam in which a fraudster poses as a senior executive, supplier or lawyer to get an employee to make an urgent, confidential bank transfer to an account the fraudster controls.
In practice
The classic script: a fake “CEO” emails or calls the finance team about a secret acquisition, insists on discretion and piles on the pressure. The most common variant is a supplier’s fake change of bank details, sometimes sent from the supplier’s real, hijacked mailbox. Voice cloning and deepfake video now make even the phone call misleading. Once the money has gone, every hour counts in trying to get the bank to recall it.
In the United States, the FBI recorded almost 25,000 business email compromise (BEC) complaints in 2025, with $3.05 billion in reported losses: the second most costly fraud category after investment scams.
How to protect yourself
- Mandatory dual approval for any unusual transfer and any change of bank details.
- Always call back on a number you already hold, never the one given in the message.
- A procedure codeword or agreed question between management and the finance team.
- If a fraudulent transfer goes out: alert the bank immediately to recall the funds, then report it to the police.
