BBVA's Urgent Alert to Thousands of Spaniards: Be Careful, They Could Leave You With Nothing

BBVA has issued an urgent warning that should alert all business owners and employees in the financial sector. A growing scam, known as "CEO fraud," is putting large sums of money at risk.

This type of cyber fraud, which has already affected multiple entities, disguises itself as a legitimate request from a company executive. But in reality, it is a trap designed to steal large amounts of money. If you work in a company or manage payments, you need to be alert to avoid falling for this scam.

BBVA Issues a Warning About "CEO Fraud"

CEO fraud is one of the most ingenious scams that exist today. The basic strategy is very simple: a hacker impersonates a high-ranking company executive, such as the CEO or the CFO. This way, they send an email requesting an urgent transfer.

In this message, it is explained that a confidential operation needs to be carried out that can't follow the usual authorization procedures. Since it is supposedly authorized by the company's highest authority, the employee in charge of finances doesn't hesitate and makes the requested transfer.

The problem is that the money doesn't end up at its original destination but is redirected to a bank account controlled by the criminals. Generally, these accounts are outside European jurisdiction, which greatly complicates tracking the money and recovering the funds.

A New Variant of CEO Fraud

CEO fraud in its most well-known form is through email impersonating an executive. But criminals have adapted the scam to make it even more difficult to detect.

In this new variant, the scammers pose as the company's service provider. Thus, they send an email informing that the account number for invoice payments has been changed. This way, companies continue to make transfers as usual, but they are now sending the money to the scammers unknowingly.

This type of fraud not only affects large companies. It can also put medium and small businesses at risk that do not have the strictest security protocols. By trusting the information received by email, many companies end up losing large sums of money.

How to Prevent CEO Fraud

BBVA has recommended that all companies implement stricter security measures to avoid falling for this type of fraud. It is crucial that companies educate their employees about the risks and how to identify suspicious emails. It is also suggested that stricter processes be established for payment authorization, especially when it comes to large or urgent transfers.

Additionally, they recommend using two-factor authentication technologies and security systems that allow verifying the identity of the transfer senders. These measures help prevent identity theft and make it more difficult for criminals.

Meanwhile, it is important for companies to review their internal procedures, especially those involving payments or money transfers. Implementing verification protocols for changes in supplier accounts is essential to avoid falling victim to this type of fraud.