CEO Fraud: the Urgent-Transfer Scam in Spain (2026)
In this article
Key Takeaways
- Impersonating the executive to order payments
- Classified as fraud, often aggravated
- Forgery and money laundering concur
- The deceived employee is a victim, not a perpetrator
CEO fraud consists of impersonating a company's top executive to instruct an employee — usually in the finance department — to make an urgent, confidential transfer to an account controlled by the fraudsters. It is classified as the offence of fraud (Art. 248 CP) and, given the amounts and the abuse of business credibility, it usually amounts to aggravated fraud (Art. 250 CP); document forgery, identity theft and money laundering (Art. 301 CP) often concur. The employee who was deceived is a victim, not a perpetrator. Once the fraud is detected, the priority is to ask the bank immediately to hold the funds and to file a complaint.
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CEO fraud is one of the scams that causes companies the greatest losses. As economic crime lawyers, we explain its treatment under criminal law.
What CEO Fraud Is
CEO fraud consists of impersonating a company's top executive to instruct an employee — usually in the finance department — to make an urgent, confidential transfer to an account controlled by the fraudsters. The deceit relies on forged emails, the internal hierarchy and the pressure of an "urgent and secret" operation.
How It Is Classified Under Criminal Law
CEO fraud falls under the offence of fraud (Art. 248 of the Criminal Code) and, given the usual amounts and the abuse of business credibility, it usually amounts to aggravated fraud (Art. 250). The following often concur:
- Document forgery, for the simulation of emails, invoices or payment instructions.
- Identity theft of the impersonated executive.
- Money laundering, by moving and concealing the transferred funds.
⚠️ The first hours
Once the fraud is detected, the priority is to immediately ask the bank to hold and attempt to recover the funds, and to file a complaint. Time is decisive for the transfer to be reversed.
The Company's Position
The victim company may join the proceedings as a private prosecutor to drive the investigation, the tracing of funds and the civil-liability claim. It is also advisable to review internal payment protocols to strengthen prevention.
The Employee's Position
The employee who made the transfer is a victim of the deceit, not a perpetrator. Absent collusion with the fraudsters, they incur no criminal liability: they acted induced into error. It is still advisable to seek advice to clearly delineate their conduct.
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Frequently asked questions
What is CEO fraud (business email compromise)?
A scam where fraudsters impersonate a company's top executive, typically by email, to instruct an employee — usually in finance — to make an urgent, confidential transfer to an account the fraudsters control.
How is CEO fraud classified under Spanish criminal law?
As the offence of fraud (Art. 248 CP), and given the typical amounts involved and the abuse of business credibility, it usually rises to aggravated fraud under Art. 250 CP.
What other offences often accompany CEO fraud?
Document forgery (for the fabricated emails, invoices or payment instructions), identity theft of the impersonated executive, and money laundering as the transferred funds are moved and concealed.
Is the employee who authorized the fraudulent transfer criminally liable?
No — absent any collusion with the fraudsters, the employee who was deceived into making the transfer is considered a victim of the deceit, not a perpetrator, since they acted having been induced into error.
What should a company do immediately after discovering CEO fraud?
Contact the bank right away to request that the funds be held or the transfer reversed, and file a police complaint as quickly as possible, since the chances of recovering the money drop sharply with each hour that passes.
Can the victim company take an active role in the criminal proceedings?
Yes — the company can join as a private prosecutor to help drive the investigation, the tracing of the funds, and the civil liability claim for the amount lost.
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