Beltug

'CEO fraud': a rising concern


More and more of our members are recounting incidents of CEO fraud to Beltug. In this cyberscam, the attackers trick employees of an organisation into making substantial payments, by impersonating the CEO, CFO or other high-ranking executive. Payment instructions are sent via customised e-mails, including the details of the account to be credited. Thinking they are fulfilling a request from upper management, the staff member makes the payment to the false account.

This phishing-type scam may be especially popular during the summer holiday months, when the scammers rely on the potential confusion caused by reduced or replacement staff.

The Belgian government’s Safeonweb website has more information (in Dutch and French) on this type of scam, and also provides an email address for reporting incidents, as well as a new White Paper on how to protect yourself and your organisation.