CEO Fraud

What is CEO fraud?

CEO fraud is a scam targeting companies, in which a fraudster impersonates a company executive to convince an employee to make an urgent wire transfer to a fraudulent account. This social engineering fraud technique causes losses of several million euros each year to French companies, both small and large.

Victim of fraud? Our lawyers can help

The LE BOT Avocat firm, specialising in banking law and financial institution liability, acts swiftly to defend the interests of companies that have fallen victim to CEO fraud.

Our approach:

Crisis management: urgent advice on what to do and what not to do immediately after discovering the fraud, strategic guidance on internal and external communications, and support on employment law matters
Blocking and recovering funds: immediate action with banks, investigation services and the public prosecutor
Holding the bank liable: breach of the duty of vigilance, negligent execution of the wire transfer order
Criminal assistance: filing a complaint against unknown persons, joining the proceedings as a civil party, monitoring the investigation
Support with insurers: activating fraud cover or legal protection insurance

Why engage a banking law attorney?

Many critical decisions are made in the very first moments following the fraud. Often, the victim company believes it is acting correctly by rapidly undertaking a series of actions without first consulting an experienced lawyer. Internal and external communications, disciplining/suspending/dismissing the employee who was in contact with the fraudsters, exchanges with the bank: each of these actions can irreversibly compromise the chances of recovering the funds. That is why it is essential, as soon as the fraud is discovered, to seek advice from a lawyer experienced in CEO fraud, such as the LE BOT firm.

In many cases, fraudulent wire transfers are executed by the bank despite obvious warning signs. An experienced lawyer can:

Obtain a partial or full reimbursement of the stolen funds from the banks
Identify a flaw in the bank’s control processes
Put pressure on involved financial intermediaries (receiving banks, neobanks, foreign platforms)
Hold negligent service providers liable (accountant, outsourced CFO, etc.)

Acting quickly is essential

CEO fraud relies on speed of execution. As soon as you suspect a fraudulent wire transfer:

Contact our firm immediately to organise a strategic legal response and obtain advice on the first steps to take
Contact your bank to report the disputed transaction(s), without going into detail about how the events unfolded
File a complaint at the police or gendarmerie station (and seek advice from our firm beforehand)
Do not make any hasty decisions regarding the employee who was exposed to the fraudsters without first being advised by a lawyer, as this could irreversibly compromise the chances of recovering the funds.