FBI warns “CEO frauds” are becoming a trend

FBI issued a warning of the increasing number and sophistication of the business e-mail compromise scam (BEC), also known as “CEO fraud” or “whaling”. In these attacks, perpetrators spoof company e-mail and use social engineering techniques to assume the identity of the CEO, luring employees – especially the financial departments – to transfer funds to third party accounts. Such attacks target businesses and result with massive financial losses, according to the FBI.