14th June 2016

Fake President Fraud on the increase

Tagged: Cyber Risks, Financial Institutions, Portfolio Company Insurance

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).

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