Fraudsters only jump as high as they have to!

by Patrick Müller

13.04.2023

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Fraudsters only jump as high as they have to! … and some companies are very accommodating, setting the bar just one centimeter high.

Why are CEO Fraud cases increasing?
One of the main reasons for the rise in this fraud scheme is the increasing digitalization of businesses and their growing reliance on digital processes, a multitude of business transactions, faulty processes, and a variety of banking programs. This complexity is further compounded by numerous communication channels like email, MS Teams, SMS, WhatsApp, ticketing systems, Slack, etc.

Cracking the complexity: Criminals exploit the confusion caused by systems, tools, and procedures, as well as existing process weaknesses.

Another factor is the growing professionalism of cybercriminals who specialize in CEO fraud and are developing increasingly sophisticated methods to deceive companies. Additionally, many companies have yet to invest adequately in cybersecurity measures, making it easier for cybercriminals to exploit system vulnerabilities.

In recent years, fraud has also become more professionalized. This trend can be compared to the industrialization of the last century, where experts specialized in specific tasks. As a result, CEO fraudsters only need to orchestrate different fraud schemes or cyber services and do not necessarily need in-depth expertise in social engineering, hacking, or opening bank accounts under fictitious names.

Finally, the anonymity of the internet makes it difficult to prosecute fraudsters, which increases the attractiveness of CEO fraud as a type of crime.