Finance News: CEO email fraud

There’s currently a scam circulating under what is being termed “CEO email fraud”.  Staff involved in Finance & Procurement activities on behalf of the University should make themselves aware of the scam.

Another University has been recently targeted and Brisbane City Council were hit by the scam this year – view the article

Background: Over the past year there has been an increase in the number of business customers being impacted by what is termed CEO email fraud. The targets are usually high-level executives such as CEOs / CFOs of large to medium sized companies. The companies targeted usually have business with foreign suppliers or regularly perform fund transfers. Once sufficient background of the target individual has been obtained, the criminal creates a similar email account that is difficult to identify.

For example,<> becomes<>  Then they start sending emails to more junior members of staff either to remit funds for payment of an invoice that is not real or amend instructions to transfer funds to a different bank account overseas.  They may also target the company’s suppliers and send emails that their banking details have changed.

Finance & Procurement Services have implemented additional controls and independent verification checks for updates to vendor bank details, however all University staff dealing with suppliers are reminded to be vigilant and raise any concerns before submitting invoices for payment.

Anyone in the University with concerns or questions should contact Finance & Procurement Services on 8313 3414 or by email at




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