Accounting Group Steps Up Cyber “Impersonation” Focus

September 21, 2016

Tatyana Shumsky reports in the The Wall Street Journal’s CFO Journal on measures unveiled by AICPA in a new fraud report designed to better equip accountants to fight off “executive impersonation” cyberattacks. The scam involves an email sent from an executive to a subordinate asking for a wire transfer or payment to a new bank. The attackers tend to target companies with foreign suppliers or units that regularly perform wire transfers to foreign banks, and strike when executives are travelling and cannot be reached. The top concern for company stakeholders is that this type of cyberattack persuades employees to ignore internal controls around making payments, said Annette Stalker, chair of the AICPA’s Forensic and Litigation Services Committee.