The CEO scam which uses open source email accounts has generated 3.1 billion dollars for the cybercriminals. This lucrative business using open source email accounts and spoofing techniques to lure unaware financial administrators and Chief Executive Officers to send a large amount of money to a company.
The CEO scam seems to use social media accounts like LinkedIn to target specific financial people. Once the cybercriminals have created their list of targets, they will send thousands of emails. Just a couple of those emails need to be effective and they will be able to generate / steal a huge sum of money.
The FBI has warned that the scammers behind the CEO scam are also using social engineering techniques to select and prepare their targets for the CEO email scam.
The CEO email scam has successfully hit around 22000 people and the total amount of registered stolen money is calculated at 3.1 billion.