The ‘Bogus Boss’ email scam is a scam in which fraudsters tricks someone into thinking they (the fraudster) is the boss or CEO and instructs them to make wire transfers into the fraudster’s bank account.
CEO fraud, or the ‘Bogus Boss’ scam, can start with the scammer emailing employees from look-alike domain names or email addresses. These look-alike names and email addresses would have one or two letters from the original name swapped for look-alike letters or numbers. For example, the letter ‘L’ could be substituted for the number 1.
Unlike traditional phishing scams, where the scammers interact with the victim’s bank account directly, the Bogus Boss email scam fools the victim into doing that for them. The fraudsters pressure the victims to act fast, without hesitation and without thinking about how unusual the situation is, leaving the victim completely vulnerable.
These fraudsters manipulate the employees by finding out who their bosses are through social media networks, ensuring their emails are as convincing as possible; in turn convincing the employee that they are their boss or someone from on high, which makes the employees less likely to question the instruction.
Fraudsters can also pose as the IT department of a bank and request a test transfer from the employee; however it is not a test. They can also claim to be a supplier and request outstanding invoices to be paid into a new bank account for them.
This scam is something that unfortunately happens often to companies who end up losing a lot of money. Businesses need to be on their guard.
Please be aware of this scam, if you are a Pebble customer and suspect something is not quite right you can reach out to us on 01733 902070 or email us via our contact form