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Business email compromise and executive impersonation: are financial institutions exposed?

David Zweighaft (DSZ Forensic Accounting and Consulting Services LLC in New York, New York, USA)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 2 May 2017

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Abstract

Purpose

To explain the fraud schemes known as business email compromise (BEC) and executive impersonation that are growing in popularity, and the threat they pose to financial institutions.

Design/methodology/approach

This article explains BEC and executive impersonation and how they are carried out, and discusses how regulations and practical operational steps are trying to address this fraud issue.

Findings

Financial institutions should understand the potential for legal and regulatory risks posed by BEC and executive impersonation, and consider taking steps to create a proactive, culture of skepticism and heightened awareness to combat this type of fraud.

Originality/value

This article is adapted from the original report issued by the American Institute of CPAs and has been updated to address specifics concerning financial institutions.

Keywords

Citation

Zweighaft, D. (2017), "Business email compromise and executive impersonation: are financial institutions exposed?", Journal of Investment Compliance, Vol. 18 No. 1, pp. 1-7. https://doi.org/10.1108/JOIC-02-2017-0001

Publisher

:

Emerald Publishing Limited

Copyright © AICPA 2017