• Cyber criminals are exploiting corporate e-mail to trick employees into making wire fund transfers into fraudulent bank accounts, resulting in huge losses.
• Scams such as “The Business Executive Scam” and the “Bogus Invoice Scheme” use publicly available information on social media and other sources to infiltrate companies’ financial operations.
• To avoid being victimized, companies need to educate their employees about these scams and reinforce internal controls around wire-transfer processes and e-mail protocols