Fake President Fraud on the increase

The latest case of Fake President Fraud cost FACC, the Austrian aerospace parts maker, EUR 42,000,000 and the CEO his job. ‘FACC, whose customers include Airbus and Boeing, said on the 19th January that it had been hit by a cyber fraud in which hackers stole around 50 million euros by posing as Stephan in an email. The firm’s supervisory board decided at a 14-hour meeting on Tuesday to dismiss CEO Walter Stephan with “immediate effect”, the company said on Wednesday. The hoax email asked an employee to transfer money to an account for a fake acquisition project’ writes Reuters (25 May 2016).

If you are unsure about your current insurance protection then you can take advantage of Protean Risk’s free Crime Insurance Policy Health Check. We will assess your current cover against this and a wide range of other loss types.

For more information please see our latest publication on this topic.