When the big boss says "jump," generally employees say "how high." Now, a new cyberscam is capitalizing on that mentality to fool its victims.
"[It's] the perfect storm for this type of fraud to happen,” said Tom Kemp, CEO of Centrify, a Santa Clara, California-based cybersecurity company.
It’s known as business email compromise or CEO fraud. The fraudsters send an email that looks all too real requesting a wire transfer or personal information on employees. Thinking they’re helping the boss, employees comply.
According to the FBI, the incidents of the scam increased 270 percent in the first four months of 2016. From October 2013 through February 2016, law enforcement received reports from 17,642 victims, amounting to $2.3 billion lost.