Domains in disguise

Using a classic phishing scheme, fraudsters are taking control of company email accounts to initiate wire transfers from unsuspecting employees. We show how crooks lure victims into their traps and how you can protect your clients.

A new controller, Sam, reported for work at ABC Tire Company. He was anxious to prove that his employer had hired the right person. In his first week, he received an email from the company CEO with the instructions, "Process a wire of $205,250.29 ASAP to the below account information. Code it to professional services. Send me the confirmation when completed. Thanks, Gary, CEO."

Sam promptly followed his CEO's instructions and completed the wire. When he approached the CEO the following day, he smiled and said, "Sir, I took care of that wire transfer you requested." The CEO responded, "What wire transfer?" To his horror, Sam realized he'd been a victim of an Internet fraud scheme. The email had come from a fake, cleverly disguised corporate domain.