Orion, a Texas-based carbon black company, announced to investors that it fell victim to a criminal scheme that led to “multiple fraudulent transfers to accounts controlled by unknown third parties,” resulting in losses of $60 million.
Details are scarce, but these schemes typically involve fraudsters tricking company employees, often with access to the finance department or the executive suite, into transferring company funds to a bank account they control. These schemes might involve hacking into email accounts used by executives to send fraudulent instructions to staff on their behalf, or using deepfakes to trick unsuspecting employees into transferring funds.
According to the FBI, these scams have become a multi-billion dollar problem in recent years, affecting businesses large and small. Fortunately, there are simple and effective ways to protect yourself from email scams.