ENTREPRENEURS

Your Boss’s Urgent E-Mail May Be a Scam

Your Boss's Urgent E-Mail May Be a Scam Photograph by Getty Images

Most of us have received an e-mail from the purported emissary of an African prince or some other wealthy individual, promising a share of untold riches in return for an upfront payment. At this point in the 21st century, most people know to avoid such scams. But what if the request for a wire transfer comes from someone you know? As in, for instance, your boss.

Here’s the outline of a scam that the Federal Trade Commission warned business owners about in a blog post yesterday. The crook, posing as a senior executive at the target company, e-mails an employee to request a wire transfer. The money is often supposed to cover a bogus vendor payment—or sometimes, a confidential business investment—and the messages are marked urgent. Once the wire transfer is done, it’s very hard for a business to get the money back.  Click to see more.