Security Weekly - A CRA Resource: The Fake Deal Cost €626,735

In the “Phantom Deal” scheme, attackers identified someone on a target company's legal team and impersonated an executive through WhatsApp. They claimed a massive, confidential corporate acquisition was underway and eventually demanded a transfer of €626,735.45 to a company in Hong Kong.

The attack relied on urgency, secrecy, executive impersonation, and fear of being responsible for disrupting a major transaction. Those pressures can make an unusual payment request feel legitimate.

What verification process should be mandatory before an executive or legal team member can authorize a high-value transfer?

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