German firms have lost millions of euros to organized crime in a scam dubbed "CEO Fraud" that uses faked memos from top executives to entice accounting personnel to transfer funds, Germany's federal cyber agency said on Monday.
The BSI agency said officials investigating the new scam had secured a list of 5,000 potential targets, and were notifying those individuals.
Organized criminals were using information they gleaned from social media networks, public company websites, job sites and even calls to the companies to fake the contact information for chief executives and other top executives.
BSI said the Federal Criminal Police Office estimated that the scam had already cost firms millions of euros in recent months.
Reference: Reuters
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