FINANCE · ACCOUNTING · SMEs
CEO fraud and fake bank details: 4 warning signs to protect your finance team
Technical security controls alone cannot prevent a deceptive payment request. Social engineering exploits trust, authority and urgency: CEO fraud and fake bank-details scams can put a company’s cash flow at risk.
AI can help produce convincing messages without spelling mistakes. Your administrative and finance teams need concrete checks, rather than relying on an impression.
Unusual urgency and secrecy
An email or message supposedly from an executive demands an immediate transfer for a “secret strategic operation”: an acquisition, tax inspection or business opportunity. The pressure is designed to put the request ahead of normal checks.
Instructions not to discuss the request with a colleague or manager. This isolation prevents the employee from following normal procedures.
What to do: Pause the payment and confirm the request with the executive through their usual contact details, even if the message demands secrecy.
A sudden change of bank details
A fake bank-details scam may use an altered legitimate invoice or impersonate a trusted supplier. A familiar document does not prove that new bank details are genuine.
An “exceptional change of bank” or “IBAN update for an audit”, especially when paired with a tight deadline. The details differ from those in your supplier records.
What to do: Verify the change with your usual supplier contact before updating the beneficiary. A technically valid IBAN does not prove the account holder’s identity.
Technical inconsistencies in the message
The display name can look legitimate while the full address, domain or reply address differs. A lookalike domain may change just one letter: this is typosquatting.
An unexpected Reply-To address, unfamiliar domain or inconsistent SPF, DKIM or DMARC authentication results deserve investigation. These clues alone do not prove fraud.
What to do: Review the full headers and context. Valid SPF, DKIM and DMARC checks do not guarantee a legitimate message: a deceptive domain can be configured correctly, and a genuine mailbox can be compromised.
A change of communication channel
After an initial email, the requester asks to continue by text or WhatsApp using a personal or temporary number. Travel or a meeting is used to justify avoiding normal channels.
The new channel bypasses approvals, makes the request less visible to colleagues or prevents you from reaching your usual contact.
What to do: Resume contact through details already saved in your directory. Do not approve a sensitive transaction based solely on the new number.
Build a reliable verification culture
Training works best alongside procedures used every day. Three habits help reduce risk:
A callback through a known number
Confirm every bank-details change or exceptional transfer with a known contact, using a number from your own directory. Do not use the number supplied in the suspicious message.
Separation of duties
Set thresholds and require dual approval for sensitive transactions. Separate beneficiary creation, payment initiation and approval according to your internal procedures.
Support when employees are unsure
Give teams a way to examine emails, domains and invoices, along with an internal point of contact. Encourage them to raise doubts without blame, even when a request seems urgent.
Turn doubt into a cybersecurity habit: slow down when pressured, verify through a known channel and follow internal approvals. These practices reduce risk without guaranteeing that fraud cannot occur.
SecurCheck in your everyday business
CEO fraud targets employees making decisions under pressure. An urgent email impersonating an executive, a suspicious reminder or a last-minute change of bank details can put your organisation at risk.
Give your administration, accounting and finance teams support when they are unsure. Used as a CEO fraud detection aid, SecurCheck helps them spot a fake email, examine technical inconsistencies and recognise suspicious requests. Analysis time depends on the content and available sources.
A check does not certify the requester’s identity. Before any transfer or change of bank details, confirm the request through a known contact and follow your internal approval process.
Protect my employees