$12.5B
FTC-reported fraud losses in 2024
FTC says consumers reported losing $12.5 billion to fraud in 2024.
CEO wire transfer fraud
Scammers impersonate a company's CEO or executive via email, urgently requesting a large wire transfer to an account they control.
“email scam”
↑ 1%Key indicators
Usually targetsFinance teams
Often hitsFreelancers and contractors
Common regionGlobal
Last updated2026-04-04
Estimated impact
$90K
median reported loss
Typical range$9.0K – $900K
Recovery rate~15%
Annual reports21,489
Scam breakdown
1
Scammers research company leadership and email conventions through LinkedIn, SEC filings, and social media
2
They spoof or compromise an executive's email account and send an urgent wire transfer request to finance staff
3
The money is wired to a scammer-controlled account and quickly moved through multiple banks to avoid recovery
What to do first
Verify any unusual wire transfer request by calling the executive directly using a known phone number
Related terms
CEO fraudexecutive impersonation wire scamwhaling attackBusiness email compromiseEmailStableFinance teamsCFOsAccountantsFreelancers and contractorsSmall business ownersPayroll, HR, and finance teamsGlobalCEO fraudexecutive impersonation wire scam
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Thomas, 35, a finance teams, encountered what appeared to be a legitimate business email compromise situation while using Email. Scammers research company leadership and email conventions through LinkedIn, SEC filings, and social media
Step 2
What happened next was calculated: They spoof or compromise an executive's email account and send an urgent wire transfer request to finance staff
Step 3
The pressure escalated quickly: The money is wired to a scammer-controlled account and quickly moved through multiple banks to avoid recovery
The outcome
Thomas realized something was wrong when urgent email from the ceo requesting a wire transfer with instructions to keep it confidential. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Verify any unusual wire transfer request by calling the executive directly using a known phone number Thomas's experience shows why urgent email from the ceo requesting a wire transfer with instructions to keep it confidential and sender email address has subtle misspelling or uses a personal email domain are the clearest early warning signs.
How to identify it
- Urgent email from the CEO requesting a wire transfer with instructions to keep it confidential
- Sender email address has subtle misspelling or uses a personal email domain
- Request bypasses normal payment approval processes
- Pause before paying, clicking, or sharing information. Scammers rely on speed.
- Verify the sender, company, or agency using a phone number or website you already know is legitimate.
- Treat secrecy, urgency, and off-platform payment requests as strong scam signals.
What to do now
- ✓Verify any unusual wire transfer request by calling the executive directly using a known phone number
- ✓Implement multi-person approval for all wire transfers above a set threshold
- ✓Report the incident to the FBI IC3 and your bank immediately as fast action can sometimes recover funds
What to save before reporting
- ✓Save the message, profile, phone number, email, or URL that was used.
- ✓Keep payment confirmations, receipts, and account alerts before you dispute or delete anything.
- ✓Write down the timeline while the details are still fresh.
- ✓Keep the full sender address, domain, attachments, and—if possible—the raw email headers.
How big is this problem
You are not alone — this scam affects millions of people.
These numbers come from government agencies and official reports. If you have been affected, know that this is a widespread problem — not something that only happens to careless people.
FTC 2024 fraud losses
Imposters
Most common FTC fraud category in 2024
FTC says imposter scams remained the most commonly reported fraud category in 2024.
History and evolution
- This scam family tends to persist because the social-engineering pressure works even when the exact scripts, platforms, and payment methods change.
- The specific packaging evolves over time, but the core pattern usually stays the same: create urgency, control the channel, and push action before verification.
- The FBI IC3 reported that BEC schemes caused over 2.9 billion USD in losses in 2023, making it the costliest category of internet crime
Recovery and follow-up
- ✓Save the messages, receipts, account alerts, and transaction details before you block or delete anything.
- ✓Report the scam through the official platform or government channel that best matches where it happened.
- ✓Verify any unusual wire transfer request by calling the executive directly using a known phone number
- ✓Implement multi-person approval for all wire transfers above a set threshold
- ✓Report the incident to the FBI IC3 and your bank immediately as fast action can sometimes recover funds
Why this pattern keeps working
Even when the story changes, most scams still use the same pressure pattern: urgency, authority, and a request to move money or data fast.
The FBI IC3 reported that BEC schemes caused over 2.9 billion USD in losses in 2023, making it the costliest category of internet crime
FBI IC3 2024
Where to report it
If you have been targeted by this scam, reporting it helps authorities track the pattern and protect others. Global has dedicated agencies that handle fraud reports.
Report cross-border scams
econsumer.gov (ICPEN)
International Consumer Protection and Enforcement Network portal for reporting cross-border online scams. Reports are shared with consumer protection agencies in 40+ countries.
Interpol financial crime guidance
Interpol
International policing guidance on online financial fraud, romance scams, and investment fraud operating across borders.
Report phishing emails
Anti-Phishing Working Group
Global industry coalition for reporting phishing emails and URLs. Forward phishing to [email protected].
Explore further
Understand the bigger picture
Who is most at risk
Who this scam targets
Primary targets
Finance teams, CFOs, Accountants
Geographic concentration
Global
Primary channel
Email — Business email compromise
Why this group is vulnerable
Finance teams are particularly vulnerable because this scam exploits trust in familiar brands, authority figures, and time-sensitive decisions. The ongoing nature of reports suggests that awareness among this demographic remains low.
Sources and methodology
How we verify this information
OpenScam tracks scam patterns using a combination of government consumer protection databases (FTC, IC3, Action Fraud), platform-specific fraud reports, and verified consumer complaint data. Each entry is cross-referenced against at least two independent sources before publication.
Severity ratings are based on financial impact potential, reversibility of damage, and volume of reports across multiple reporting channels. Trend velocity reflects the rate of change in report volume over the most recent 90-day window.
This page was last verified on 2026-04-04. Red flags, recovery steps, and reporting resources are reviewed quarterly against current agency guidance.
Evidence and indicators
- The FBI IC3 reported that BEC schemes caused over 2.9 billion USD in losses in 2023, making it the costliest category of internet crime
Source notes
- FBI IC3 2024
Frequently asked questions
Common questions about ceo wire transfer fraud
How does the ceo wire transfer fraud work?+
Scammers research company leadership and email conventions through LinkedIn, SEC filings, and social media They spoof or compromise an executive's email account and send an urgent wire transfer request to finance staff The money is wired to a scammer-controlled account and quickly moved through multiple banks to avoid recovery
What are the warning signs of ceo wire transfer fraud?+
Urgent email from the CEO requesting a wire transfer with instructions to keep it confidential Sender email address has subtle misspelling or uses a personal email domain Request bypasses normal payment approval processes
What should I do if I encounter ceo wire transfer fraud?+
Verify any unusual wire transfer request by calling the executive directly using a known phone number Implement multi-person approval for all wire transfers above a set threshold Report the incident to the FBI IC3 and your bank immediately as fast action can sometimes recover funds
Who is most at risk for ceo wire transfer fraud?+
This scam primarily targets Finance teams, CFOs, Accountants. It is most commonly reported in Global and typically appears on Email.
Is ceo wire transfer fraud still active?+
CEO wire transfer fraud is currently on our watch list. It has been reported across US, UK, AU, CA. Last updated 2026-04-04.
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What to do first
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What to do first
Call the executive or use the internal approval flow before sending funds.
Targets
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Do not handle goods or forward packages for an employer you cannot verify.
Targets
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Help someone avoid this scam.
Scammers succeed because people do not talk about it. If you or someone you know has been affected, there is no shame in it — it happens to millions of people every year. Share this page with friends and family so they know what to look for.