Don’t fall for the Bogus Boss! (Fraudulent email alert!)

Dec 16, 2022 | Blogs


Nat West Bank has advised its business customers of this scam – don’t get caught out.

This scam has already cost UK businesses millions of pounds. Let’s make sure you don’t get caught out.

What happens?

Fraudsters get the name and email of someone senior in your company and create a fake email that looks like it’s come from that person. Then they send it to someone in your finance team.

It asks for an urgent payment to be made to a new account and usually gives a realistic reason, such as it’s needed to secure a new contract. Of course, the account is in the hands of the fraudsters. And the money gets taken out almost as soon as it’s put in.

Step up your defences

There’s plenty you can do to protect your company from the Bogus Boss:

  • Question any email that asks for an urgent bank transfer
  • Check with the sender. Drop by their desk, or call them direct. Don’t use telephone numbers or email addresses in the suspect email, they’re a fast-track back to the fraudster
  • What about the wording? Any incorrect spelling or grammar or phrases that the senior executive wouldn’t use?
  • Use strong internal passwords
  • Put an internal process in place for requesting and authorising payments (if you haven’t already)

Tell others too

Spread the word by sharing this email to everyone in your company who is authorised to make payments.