Andorra Police Report Eight CEO Fraud Cases in 2024

Andorra police have recorded eight cases of CEO fraud since the start of 2024, resulting in losses between €700 and €3,000 per incident. Over recent weeks, they identified two additional attempts that employees successfully blocked, preventing any financial damage.

This telephone scam targets workers in businesses, retail outlets, and services by impersonating company leaders or suppliers. Callers use precise details about the business to gain trust, then pressure staff with urgent demands—such as settling an overdue invoice or releasing a critical order. They often request transfers of all accessible cash from registers or safes.

When cash is unavailable, scammers push victims to cover costs personally or buy Apple prepaid cards in assorted amounts, then share photos of the redemption codes. Fraudsters prepare thoroughly, starting with modest requests to gauge compliance before escalating. They capitalize on haste and fear, and authorities warn of potential AI use to clone targeted voices.

Police emphasize that no business or public body is immune. Prevention steps include rejecting unsolicited calls as genuine, confirming details via established internal routes, contacting known executive numbers directly, and refusing all transfers or code shares to unknown phones or accounts—whether for personal or business purposes.