Your CEO sends you an urgent email that the company is acquiring another firm and funds need to be wired that day. But don’t tell anyone: It’s secret due to regulatory disclosure rules. An email or phone call arrives from a VP of finance whom you know confirming the transaction. As an employee authorized to wire funds, you initiate a payment for a few thousand—or even a few million dollars—to the designated bank account in China or Hong Kong. By the time the scam is uncovered, the money is gone.
It sounds implausible, but variations of this scenario play themselves out regularly across corporate America. Since October 2013, fraudsters have netted $2.3 billion through such scams, says IC3, the FBI’s business crime complaint unit. In a statement released this week, the FBI identified more than 17,000 victims in every US state and at least 79 countries. That’s a 270% increase in frauds compared to last year.
The full original article can be found at qz.com