October 11 2021 0Comment
Johannesburg Private Investigators | D&K Management Consultants

Be Vigilant: Criminal impersonations of SA CEOs and Execs leading to fraud and theft

According to a recent warning from the South African Banking Risk Center (Sabric), there is a concerning trend of criminals impersonating high-ranking executives, such as CEOs and financial directors, in order to deceive companies and steal their money.

Sabric’s CEO, Susan Potgieter, highlights that these criminals adopt the identities of senior staff members and send emails to junior employees within finance departments, demanding urgent payments to be made to specific beneficiaries. These fraudsters gather information from company websites and various digital platforms to make their impersonations appear convincing and believable.

To protect your organisation from falling victim to this criminal syndicate, it is crucial to take the following measures:

  1. Secure your company’s information: Ensure that sensitive company details are kept private and not accessible to the public. Implement robust security measures to safeguard your digital assets.
  2. Educate your staff: Inform both senior and junior employees about these criminal activities. Train them to be vigilant and cautious when it comes to sharing personal and sensitive information.
  3. Establish verification protocols: Introduce protocols that require in-person or telephonic confirmation (voice confirmation) from the senior staff member issuing any new payment instructions. This step ensures that the junior staff member receives direct confirmation from the genuine sender.
  4. Scrutinise email addresses: Carefully examine the sender’s email address to ensure it matches the known and trusted sender. Pay close attention to each character, as fraudulent emails often contain slight variations or misspellings.
  5. Report fraudulent activities: If an attempted fraudulent payment request occurs, immediately report it to senior staff members and relevant authorities. Taking prompt action can help prevent further fraudulent activities and protect your organisation’s financial interests.

By implementing these measures, your organisation can significantly reduce the risk of falling victim to this type of cybercrime. Stay proactive, stay informed, and ensure that your staff is well-equipped to identify and respond to potential threats effectively.

Read more about this in this fin24 Article: https://www.news24.com/fin24/Companies/Banks/warning-criminals-are-impersonating-sa-ceos-and-other-execs-to-steal-money-20190925