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Protection against fraud

CEO fraud by email: how SMEs protect themselves

“I need a confidential transfer today, please don’t tell anyone.” The email looks like it’s from the boss, but fraudsters are behind it. The Swiss Federal Office for Cybersecurity (FOCS) received around 970 reports of this scam in 2025.

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Key points at a glance

  • In CEO fraud, criminals pose as company management and push for an urgent, secret payment.
  • DMARC with p=reject stops your exact domain from being forged for this – it doesn’t help against similar-looking addresses.
  • Fixed rules prevent the damage: a call-back on a known number, and sign-off by a second person.

How the scam works

The fraudsters research your company beforehand: the names of management, who handles accounting, current projects. Then they write in the boss’s name to someone who can authorise payments – often while the real boss is travelling or on holiday.

  • Pressure: the payment has to go out today, for example for a takeover or a fine.
  • Secrecy: no one is allowed to know, not even colleagues.
  • Unusual route: the payment should go to a new account, often abroad.
  • Channel switch: a call or chat message follows later, sometimes with an imitated voice.

How to spot a fake boss email

Don’t just look at the displayed name, look at the whole sender address. Watch for a different reply address, an unusual greeting, a message sent “from my iPhone”, and any request that tries to bypass the usual process.

The name alone proves nothing

Anyone can choose the displayed name freely. An address that looks almost like yours is just as quickly registered.

What DMARC does against it – and what it doesn’t

If your domain is protected with DMARC at p=reject, most large mail providers reject emails that forge your domain. The fake boss can then no longer write using your real address. DMARC doesn’t help against similarly spelled domains, senders using private email addresses, or hijacked mailboxes. That’s why you also need clear rules in day-to-day operations.

The rules that prevent the damage

A fixed process protects you even when an email looks perfect. Write it down, and make sure everyone knows the boss explicitly wants it followed.

How to check an unusual payment instruction
  1. PauseDon’t act immediately on pressure and secrecy.
  2. Call backCall the person on a known number, never the number from the email.
  3. Two-person ruleA second person signs off every unusual payment.
  4. Only then payThe payment is only released once both checks out.

If it has already happened

Call your bank immediately – a payment can often still be stopped in the first few hours. File a report with the police and report the case to the Swiss Federal Office for Cybersecurity (FOCS).

Frequently asked questions

Is CEO fraud the same as boss fraud?

Yes. CEO fraud and boss fraud describe the same scam: criminals pose as company management and demand an urgent payment.

Does DMARC fully protect against CEO fraud?

No. DMARC only stops someone from forging your exact domain. Against similar domains, private email addresses or hacked mailboxes, a call-back and the two-person rule help.

Who is especially at risk?

Anyone who can authorise payments, especially in accounting and reception. Small companies are affected just as much as large ones.

How DomainRadar helps

DomainRadar shows whether your domain is protected against forgery, guides you step by step to p=reject, and flags similarly spelled domains. If someone sending email in your name turns up in the DMARC reports, you get an alert.

The domain check stays free. Afterwards you test DomainRadar with all features for 14 days – no credit card, the trial ends on its own.

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