An urgent email from your CEO (or another senior business member) asking you to make a payment might seem difficult to question, but that’s exactly what fraudsters are counting on.
We’ll take you through what CEO fraud is, the red flags to look out for, how to protect your business, and what you can do if you think you’ve been caught by a scam.
What is CEO fraud?
CEO fraud happens when someone impersonates a senior person in your business to convince you or a colleague to make a payment. The request can look genuine, feel urgent and sometimes appear to come from a familiar email address.
The fraudster contacts someone who can make payments, often asking them to pay an invoice, send money to a new bank account or purchase gift cards. The request will usually have time pressure, and they may also suggest that it’s sensitive or confidential, making you less likely to check it with somebody else. Sometimes the request comes at the end of a long (fake) email chain, which includes the names of other colleagues in your business.
CEO fraud can be expensive. According to UK Finance’s Annual Fraud Report 2026, there were 197 confirmed cases in 2025, with £5.6 million lost. While CEO fraud made up less than 1% of authorised push payment scam cases, it had the highest average loss of the eight scam types UK Finance measured, at just over £28,000 per confirmed case.
Red flags to look out for
Fraudsters rely on people following what looks like a genuine request without stopping to check it. Look out for:
- An unexpected or unusual payment request from a senior colleague.
- Pressure to make a payment immediately or keep it confidential.
- A request to pay money into a new or unfamiliar account or change payment details.
- Someone unexpectedly asking you to purchase gift cards.
- An email address or domain that’s slightly different from the genuine one, or missing or unusual email signatures.
- Language or phrasing that doesn’t sound like the person you normally deal with.
- A request that doesn’t follow your business’s normal payment process.
Even if the email looks genuine, stop and check if something feels unusual.
Processes can protect your business
CEO fraud works because criminals know an urgent request from someone senior can be difficult to question.
If you receive an unexpected payment request, particularly one involving new bank details or pressure to act immediately, stop and verify it independently. A genuine colleague won’t mind you checking, but fraudster would rather you didn’t. Following processes and taking the time to confirm details can help you protect your business from CEO fraud.
If you have been a victim of fraud, contact your bank straight away. The sooner you act, the better the chance of limiting your loss, although there’s no guarantee that money lost to fraud can be recovered.
Know what to do next
Spotting the signs early is the first step. You can read more about how to protect your business from CEO fraud here:
- Reviewing who has access to your accounts
- Verifying payment requests with your suppliers
- Training your team to spot the signs
Worried about fraud?
Visit our Fraud Centre for immediate help and further advice.
