Danish companies swindled by fake corporate executives

Accounting staffs being tricked into transferring millions

Apr 12, 2016

There have been two cases of late in which the Danish office of a major international company has been duped into transferring a total of 140 million kroner into bogus accounts, and Bagmandspolitiet, the fraud squad, is accordingly issuing warnings about what it is calling ‘CEO fraud’.

The scam involves someone calling the accounts department of the Danish division of an international company, pretending to be executives from the company.

On the down low
The local staff are instructed that the quick and confidential transfer of millions of kroner is required for the purchase of another company.

“They stress to the accounting staff that there are very short deadlines and that everything is very confidential so nobody should know about the acquisition,” an acting police superintendent, Thomas Anderskov Riis, told DR Nyheder.

An international problem
The Danish departments of two international companies have been cheated of 40 and 100 million kroner respectively. Another case was reported last week.

“This CEO fraud is a huge international problem, and we are warning other Danish companies,” said Riis.

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Danish companies swindled by fake corporate executives

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