CEO Fired After Fake Email Loses Firm $47 Million

FACC, in May has let their CEO, Walter Stephan, go after a fake email made it’s way to the financial controllers office and €52.8 million ($58 million USD) was wired out of the company. It caused their stock to drop by 38%. The company supplies Boeing and Airbus.

A month prior, FACC sacked its CFO, because fraudsters had targeted the financial accounting department. The company had not identified malware related to the fraud and said it was pursuing damages and insurance claims.

The company was able to halt $10.9 million.

Fraudsters may establish a bogus email address to pose as the CEO and then convince a subordinate in the finance department to wire funds to an overseas account under the pretense it is due to a known supplier. The FBI has warned that fraudsters target firms with international suppliers.

Read more about it here.