Is KPMG a fraud company
This is how the "Fake President" works
It all starts with trust: the victims receive a polite message. The CEO of the parent company, known by name, contacts an employee or middle manager directly. The criminals often have insider knowledge about the company and combine this with a request, for example to initiate business abroad or a financial bottleneck, to transfer a large amount of money to an account abroad.
The sender of the e-mail explains that the e-mail deviates from the usual conventions of the company by stating that special security precautions and confidentiality restrictions must be observed. Most of the time, the fraudsters point out that documents will be submitted later.
The victims then call the foreign branch on the number given, saying that the money must be transferred as soon as possible. “No wonder that everything is plausible, because the other person is part of the fraud organization. So also the external consultant or trustee brought into play in some cases, who of course confirms the supposed legality of the transfer. We have also seen cases in which the previously announced auditor reports to the victim with a correct telephone number, which can now be easily falsified using VOIP, in order to authorize the alleged transaction, ”Geschonneck continues.
Because the scam is a mix of outrageous lies and familiar information, the victims usually cannot tell whether they have fallen victim to a fraud or whether the CEO has actually asked for help. Because the criminals know organizational structures, hierarchical levels and responsibilities.
Geschonneck estimates the chance of catching the perpetrators to be almost zero. However, the earlier a fraud was discovered, the greater the chances of getting the crooked money back from the recipient bank.
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