Did you ever hear the story of the man who stole more than $100 million from Google and Facebook by sending them fake invoices, which they willingly paid?

According to CNBC, Evaldas Rimasauskas impersonated an Asia-based manufacturer of technological goods and requested several payments from Google and Facebook between 2013 and 2015.

As reported by the BBC, the US Department of Justice said, “Fraudulent phishing emails were sent to employees and agents of the victim companies, which regularly conducted multimillion-dollar transactions with [the Asian] company.”

Rimasauskas was sentenced to 60 months in prison for his crimes.

While Facebook and Google could, fortunately, bear the financial hit without folding – and were likely reimbursed once the prosecution had made their case – this incident is a clear example that scams are becoming more sophisticated. Even tech giants with multimillion-dollar budgets and huge legal teams couldn’t prevent Rimasauskas from stealing their wealth.

At home, the Banking & Payments Federation Ireland (BPFI) says that in the two years to April 2025:

• SMEs lost more than €17 million to email fraud.
• The average targeted business lost €11,500.
• 68% of SME owners said their business had been targeted in the last 12 months, but 31% don’t have specific fraud guidelines and training programmes in place.
• Invoice redirection and CEO impersonation scams were cited as being the most common.

Let’s dive into what the tale of Facebook and Google’s scammer, plus the recent worrying statistics about businesses like yours being targeted, could teach you about protecting your business.

CEO impersonation scams could leave your staff vulnerable to mistakes

Standing at the helm of your business, part of your role consists of spotting potential dangers on the horizon and taking action to keep your company, and by extension your staff, from harm.

Seeing as CEO impersonation scams are some of the most commonly reported scams by SMEs in Ireland, it is worth going over what they are and why your business could be vulnerable to them.

If a financial criminal wants to access crucial financial information, one of the easiest ways they could do this is to impersonate you. If your boss asks you for something, you’re going to send it over as soon as possible, right?

For example, if a member of your accounting team receives an email from you saying, “You have missed a payment to our supplier, please could you wire €1,000 to them today using this link?”, they may jump at the chance to correct their mistake without thinking it through first.

To help your team intercept this kind of activity and stop it in its tracks, you could:

• Remind everyone that you will never ask them to wire money without going through the usual accounting channels your business uses
• Encourage team members to tell you if they suspect they are being targeted in any way
• Only contact your colleagues using one specific email address or phone number, rather than multiple
• Provide fraud training to employees that handle company funds in any way.

By communicating openly and keeping scams front of mind, your team can work together to avoid falling victim to a CEO impersonation scam.

Does your payment system stand up to scrutiny? 3 tips to avoid invoicing scams

Another popular way that fraudsters attack businesses is through invoicing scams. Just like Evaldas Rimasauskas did, these criminals pose as suppliers and send fake invoices.

If you have a small team and have been working with your suppliers for years, you may not have a stringent ordering and payment process in place. However, tightening up your payment security could avoid this type of scam from affecting your business.

Here are three tips for doing so.

1. Use trustworthy software. This is perhaps the most important step. Upgrading the software you are using to process and pay invoices could make you less vulnerable to scams. There are many suitable options to choose from, many of which use two-factor authentication and other high-impact security measures. Even if this software comes with a monthly premium, it could be worth adding this extra layer of security.

2. Train staff and refresh their learning annually. The burden of protecting your business does not sit on your shoulders alone. By providing comprehensive training on scams, how they operate and how your business could be vulnerable, all hands will be on deck to protect what you hold dear.

3. Talk to your suppliers. Make them aware of the fact that fraudsters could impersonate them and tell them how you are planning to prevent slip-ups from your team. If everyone is vigilant, it may be harder for scammers to target you or your suppliers.

In today’s digital landscape, your business deserves to be shielded from those who seek to steal from you.

Putting your personal wealth in safe hands

Here at iQ, we are committed to protecting our clients’ personal wealth.

We understand that running a business and handling your personal affairs, without making mistakes, is a tall order. Our financial planners can share the load of your personal wealth and create a bespoke plan that not only keeps your money safe, but helps it to grow in line with your ambitions.

To work with a professional who understands your financial needs in an ever-changing world, email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.