Do you know about the president scam? If this is not the case, you should pay attention to what follows, because this scam sometimes costs several million euros to the companies, state services, or local authorities that are victims. Here’s everything you need to know.
How does it work?
As detailed by the Ministry of the Economy on its website, this fraud has been on the rise for several years. The procedure is extremely efficient. Concretely, the scammer contacts the accounting department of a target company and poses as the president of the group. This contact can be made by e-mail, or even by telephone.
The malicious actor will first seek to establish a relationship of trust with the victim. Once this short period has passed, he asks for a transfer to be made to his account, creating a sense of urgency in the exchange. The accountant agrees and the organization risks losing a lot of money. This scam can take many forms, and in some cases, the scammer even pretends to be a minister!
How to avoid the worst?
We will have understood, vigilance is more important than ever. In particular, it is appropriate to remind employees of the risks, particularly on the importance of not disclosing information on the functioning of the organization. Care must also be taken to establish verification and multiple signature procedures for international payments, specifies the ministry.
Up-to-date maintenance of the computer system is essential. Finally, you must be particularly careful on weekends, public holidays and school vacation periods. It is in fact during these low periods that criminals often take action.
Finally, and if the damage has been done, you must immediately identify the transfers executed and the payment mandate. You must then request the blocking of fraudulent bank details. Then remember to file a complaint with the police and gendarmerie, providing as much information as possible. The idea is to optimize the chances of recovering the stolen funds.
The incredible deepfake scam that cost $25 million
These threats can also take the form of very sophisticated scams that were impossible to carry out just a few years ago. We particularly remember this incredible story that occurred in Hong Kong, where an employee of a multinational company agreed to pay 25 million dollars during a video where all his interlocutors were only a deepfake recreation of leaders ! More information in our previous article here.
