Ireland: Criminals Are Using CEOs’ Social Media Posts To Trick Employees Into Handing Over Money

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Gardaí have warned businesses and members of the public of a significant increase in certain types of fraud and have advised executives in businesses to be careful about what they share on social media.

So far in 2019, 132 cases of invoice redirect fraud, or what’s know as ‘CEO fraud’, involving losses of €4.4 million have been reported to gardaí. In April alone, in excess of €2.2 million was stolen.

Victims include sports clubs, accountants, farmers, hospitals, schools, stockbrokers, pubs, hotels and motor dealers.

With invoice redirect fraud, a business will receive a phonecall or email from someone purporting to be one of their legitimate suppliers. They ask the business to change the bank account details for the supplier.

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