Over the last few weeks we have seen a significant increase in reports of companies being targeted by a particular type of email scam that has been doing the rounds for a couple of years now.
CEO Fraud is a scam in which cybercriminals spoof company email accounts and impersonate executives to try and fool an employee in accounting or HR for example, into executing unauthorised wire transfers, or sending out confidential tax information.
Meath County Council, the most high profile victim in Ireland was targeted in late 2016 when cybercriminals spoofed the identity of chief executive Jackie Maguire and tricked the council into transferring €4.3 million into a bank account in Hong Kong. Luckily the scam was discovered in time and the money was frozen in the Hong Kong bank account. Meath County Council confirmed in June 2017 that the money has since been returned.