Protection Against Fake President Fraud

Fake President fraud is a fairly common cybercriminal activity, but victim organizations don't dare talk about it openly, because it's shameful, taboo. It's shameful because victims have to admit that they've been fooled. It's taboo because the public doesn't forgive people who've been fooled, because it's equated with incompetence. But some frauds are sophisticated and difficult to detect.

Prime targets

Presidents, CEO, CFOs and anyone who carries out bank transfers within an organization are prime targets for hackers.

How do hackers identify prime targets?

The information is available for free on LinkedIN and other social networks. Keep your fingers crossed that you won't be in the line of fire of a hacker/fraudster, as they have all the time in the world once they target your organization.

Top Management should receive special awareness training, focused on detecting phishing fraud attempts. They should also be subjected to simulated fraud attempts on a regular basis, to sharpen their reflexes.

Identify those who regularly click and re-adjust the transfer approval process accordingly (e.g. have a co-approver). If you're embarrassed to do it, you'll be defrauded one day!

No title exceptions. All prime targets must be trained. That's the price you have to pay to protect yourself from this fraud.

Need help?

We can help you set up an effective incident response plan. We can also help you manage any security incident that impacts you (including ransomware).

Call us at 877 208-9040 or talk to an expert.