Fraudulently Induced Transfer
Fraudulently Induced Transfer (also referred to as Social Engineering Fraud) is a recent adaptation of an old fashioned scam to trick an employee into voluntarily parting with their employer’s money or valuable information. The scam is simple in nature and usually involves a third party impersonating a key trusted individual - an executive, customer, or supplier, to trick the victim. It is done with a targeted approach that shows a startling sophistication and research on the victim, their relationships and business operations. The end goal is to have money or securities transferred to the criminal by relying on the victim to voluntarily perform the transaction.