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Gone Phishing

CEO fraud is costing companies millions in uninsured lossesand costing some executives their jobs.

By Richard Wickliffe | Updated on September 07, 2016
Phishing! A stylized vector cartoon of a businessman fishing in a computer.A young man sits in a cafe by the Volga River in the western Ukraine. Using his laptop, he just robbed your company in the U.S. of $11 million, and your employee was his accomplice.

The latest cyber fraud, according to the FBI and countless corporate victims, is known as business email compromise (BEC) fraud, “CEO fraud,” or “impostor fraud.” And employees are being conned into enabling the thefts—which creates an exclusion under many insurance policies.

CEO fraud involves phishing attacks that cleverly mimic an email from someone in corporate management demanding financial transfers. Phishing for high-profile targets has even been called “whaling.”

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