Scam type 14/15

CEO fraud and invoice fraud: how one email costs your SME half its revenue

BEC fraud (Business Email Compromise) costs Dutch companies tens of millions a year. Here's how to build a four-eyes principle that stops it.

Stats and sources

Updated: May 2026

What the numbers show

No guesses. Only published data from Fraudehelpdesk (the Dutch fraud helpline), CBS (Statistics Netherlands), AFM, SIDN and Dutch investigative journalism.

Estimated CEO-fraud losses in the Netherlands: tens of millions of euros a year (historically €64 million in a single year reported).

Source: https://www.security.nl/posting/643200/Ceo-fraude+kost+Nederlandse+bedrijven+64+miljoen+euro

78%

Of Dutch and Belgian companies were hit by some form of fraud in 2024-2025.

Source: Accountant

External fraud: 44% of organisations report >€100,000 in losses in 2025.

Reporting rates are low for fear of reputational damage.

Modus operandi

How does this scam actually work in practice?

Step by step: this is how scammers build the scenario. The faster you spot the pattern, the sooner you can hang up or click away.

01
The scammer compromises a supplier's mailbox (via phishing) or spoofs the CEO's/CFO's email address.
02
An existing invoice is intercepted; a new version is sent with a changed IBAN ("our account number has changed because of a merger/SEPA update").
03
CEO variant: a fake email or WhatsApp from the director to the controller: "I'm in a meeting, please arrange this transfer urgently, confidential."
04
Amounts are typically between €5,000 and €200,000; sometimes in tranches to bypass limits.
05
Follow-up emails from a look-alike domain (mijnbedrijf.com → mijnbedrijf-nl.com).
06
Increasing use of AI/deepfake voice for the "confirmation call".

Red flags

How do you spot this scam before it's too late?

One red flag is usually enough. Two and you know for sure something is off. Stop, hang up, click away, call the real organization via a number you look up yourself.

A request for an urgent transfer with confidentiality.

The email comes from a not-quite-correct domain (an extra letter, a different TLD).

A change of IBAN in an ongoing invoice.

The CEO emails outside office hours or from an unknown email address.

Pressure: "sort this within 30 minutes or I'll miss the deal".

No prior thread, no internal signature.

What to do

What to do if you've been targeted

In this order. Time is money — literally. The faster you call, the bigger the chance the bank can still reverse a transaction.

1
Verify every IBAN change by phone using the supplier's known number (not the number in the email).
2
Apply a four-eyes principle for all transfers above €1,000.
3
For suspect CEO emails: always call them back personally on their direct number.
4
Already paid? Call your bank immediately and request a SEPA Recall; report it as BEC fraud.
5
File a report via politie.nl/cybercrime and report to the Fraudehelpdesk.
6
Engage forensic investigation (possibly via your insurer) and monitor your suppliers' mailboxes.

Common search queries

What people Google when they run into this scam

Recognize your own situation in one of these phrases? Paste your input into the checker above and you'll get an instant dossier — no account needed.

“CEO fraud email director payment”
“supplier invoice different account number fraud”
“urgent transfer request from director fake”
“prevent BEC fraud SME”
“supplier fraud IBAN changed”
“director WhatsApp asking for payment fake”
“fraud company controller what to do”
“fake supplier email new IBAN”

Common questions

Common questions about this scam

What is ceo fraud and invoice fraud?

The scammer compromises a supplier's mailbox (via phishing) or spoofs the CEO's/CFO's email address. An existing invoice is intercepted; a new version is sent with a changed IBAN ("our account number has changed because of a merger/SEPA update").

CEO fraud email director payment?

A request for an urgent transfer with confidentiality. Verify every IBAN change by phone using the supplier's known number (not the number in the email).

Supplier invoice different account number fraud?

The email comes from a not-quite-correct domain (an extra letter, a different TLD). Apply a four-eyes principle for all transfers above €1,000.

Urgent transfer request from director fake?

A change of IBAN in an ongoing invoice. For suspect CEO emails: always call them back personally on their direct number.

What should I do if I've been a victim?

Verify every IBAN change by phone using the supplier's known number (not the number in the email). Apply a four-eyes principle for all transfers above €1,000. For suspect CEO emails: always call them back personally on their direct number.

Will I get my money back?

Whether you get your money back depends on the type of scam, how quickly you called your bank and whether you handed over credentials yourself. Dutch banks operate a goodwill scheme but in practice rarely pay out 100%. Always file a police report immediately and report to the Fraudehelpdesk — this strengthens your case.

CEO fraud and invoice fraud: how one email costs your SME half its revenue

What the numbers show

How does this scam actually work in practice?

How do you spot this scam before it's too late?

What to do if you've been targeted

Concrete examples of this scam type

What people Google when they run into this scam

Common questions about this scam

Call these numbers now — in this order

CEO fraud and invoice fraud: how one email costs your SME half its revenue

What the numbers show

How does this scam actually work in practice?

How do you spot this scam before it's too late?

What to do if you've been targeted

Concrete examples of this scam type

What people Google when they run into this scam

Often combined with these other scam types

Common questions about this scam

Call these numbers now — in this order