Cybercrime

CEO fraud and wire transfer fraud

What to do in case of a wrong transfer following fake emails?

One click, a brief moment of inattention, and a substantial sum of money was transferred to an account that later turns out to belong to fraudsters instead of one's own business partner. In many cases, this is a targeted attack involving CEO fraud—a professional scam where perpetrators pose as decision-makers or business partners and trick employees (often in the accounting department) into making a transfer by misrepresenting the facts.

As a specialized law firm in the field of cybercrime, we regularly assist clients who have become victims of such deceptive acts.

Through swift, legally sound action and close cooperation with law enforcement authorities, it is possible to secure or seize the transferred funds before they are transferred further by the perpetrators, which would make access by law enforcement authorities considerably more difficult.

What is CEO fraud?

CEO fraud is a form of social engineering: Using forged, deceptively authentic-looking emails, the perpetrators pose as managing directors, senior employees, or external business partners.

By exploiting insider information and applying high psychological pressure, employees are coerced into making (instant) wire transfers to (mostly) foreign bank accounts – often with instructions regarding discretion or time-critical transactions.

First steps after a wrong transfer

Contact your bank immediately to stop or reverse the transaction, if possible.
Save all relevant communication histories, in particular emails, attachments, and payment instructions.
Seek legal assistance to file a complaint in a targeted and time-efficient manner.

Why sound legal assistance is crucial

In practice, it turns out that simply filing a report with the local police station does not necessarily lead to prompt and efficient investigative measures. Especially in cases of wire transfer fraud / CEO fraud, it is essential that investigations are conducted by the responsible specialists and no time is lost.

As an experienced law firm, we can

classify the facts legally and correctly
handle the filing of charges professionally and notify the responsible criminal police specialists
apply for necessary investigative measures and obtain immediate orders for seizures and confiscations
Submitting suspicious transaction reports to recipient banks and thereby effectively restricting the power of disposal over the funds
Submit liability insurance notification to fulfill insurance-related obligations

Conclusion

CEO fraud and comparable forms of transfer fraud are professionally planned crimes that require rapid and targeted countermeasures. Our law firm has the necessary Experience, the legal Expertise and the necessary contacts, so that the correct steps are taken in your case and you have a chance of recovering the lured away funds.

In addition to immediate emergency assistance, we are also available to advise you on issues of civil law liability and/or internal responsibilities. Questions regarding managing director liability or internal control duties, in particular, frequently play a central role afterwards.

For further information and individual consultation, please feel free to contact us Lukas Riedler and Roman Taudes available at any time. Contact us at office@atb.law or by phone at +43 1 39 123 45.