This fraud has been around for a while yet companies seem to fall victim to it far too regularly. Like so many frauds it is difficult to determine how prevalent it is - many companies will fail to report it. the fact that Mattel recovered monies lost from China must be exceptional.
The solution? as ever, a degree of healthy scepticism and a culture where people should not fear challenging a request. Possibly harder to implement than to theorize.
Criminals have realised that hitting businesses rather than individuals can mean much bigger wins," says Orla Cox, director of security response at cyber security specialist Symantec. The US Federal Bureau of Investigation (FBI) says CEO fraud has shot up by 270% since January 2015 and has cost businesses around the world at least $3bn (£2.3bn) over the past three years. Out of control Simply tricking companies into sending invoice payments to the wrong people costs UK companies about £9bn a year, according to research from invoicing company Tungsten Network. And procurement fraud - charging for stuff that was never delivered; taking a bribe for awarding a contract to a particular supplier; or encouraging suppliers to charge over the odds then creaming off the difference - accounts for 88% of total UK fraud losses.