IDBank has warned about corporate fraud schemes in which criminals impersonate an employer or direct manager. Known as “Fake Boss” or “CEO fraud,” the scheme relies on an employee receiving what appears to be an urgent instruction from a superior and acting on it without additional checks.
According to the bank, fraudsters may create a fake account using the manager’s real name and photo, spoof an email address, or even gain access to the real account. In more sophisticated cases they may also use deepfakes with the executive’s voice or video. The usual targets are employees who have access to company finances or sensitive corporate information.
Such messages typically demand an immediate payment to a new partner, a change in a supplier’s bank details, the transfer of confidential documents, or the disclosure of an internal system password. In some cases, employees are even persuaded to use their own money with a promise that it will be fully reimbursed later.
IDBank says the key weapon in this scheme is the authority of the manager. Fraudsters add pressure by stressing that the matter is urgent, confidential, and under top management’s control. The bank also notes that when a payment is initiated by an authorized employee through official banking channels, the system treats it as valid, making it extremely difficult to prove fraud and recover the money later.
To reduce the risks, the bank advises employees to always recheck unusual instructions, avoid replying in the same message thread, and instead use a second communication channel, such as calling the manager on a known number. IDBank also urges companies not to bypass internal procedures because of “urgency” and to require approval from at least two responsible employees for large or non-standard transfers.
