FOVI, President’s scam, figures and actions

Infographic on False International Transfer Orders (FOVI)

False transfer order (FOVI) scams involve contacting a company and asking them to make an emergency transfer of a large sum of money. Over the past few years, many companies have fallen victim to President or FOVI scams. This economic scourge first appeared in 2010, and the figures are still rising.

This infographic shows the figures linked to FOVI, how to avoid this type of scam and what to do in the event of an attack.

The president scam is the 1st attempt at corporate fraud

1.6 million euros stolen from Michelin (1)
430 million euros in losses suffered by French companies in 3 years
2.3 billion dollars lost in the USA (2)
Record damages of €42 million for FACC (Austria)


2,300 complaints filed in France in 5 years (1)
93% of companies are victims of fraud attempts (3)
1/5 of victim companies have suffered proven fraud
10% of victim companies lost more than €100,000
46% of companies have no dedicated anti-fraud system (3)
63% of companies have no fraud contingency plan in place
100% of companies are victims of mass email fraud attacks (4)

How to avoid this type of scam?

– raise employee awareness on a regular basis, especially among management assistants and accountants,
– secure transfer procedures,
– control the use of social networks (limit information),
– a high-performance email protection service.

Key words to look for: urgent, confidential, abroad

What to do in the event of an attack?

– Immediately ask the bank to freeze the funds,
– File a complaint with the police or gendarmerie.

Sources: (1) Police Nationale (OCRGDF) – (2) FBI – (3) Euler Hermes – (4) Altospam

Test Altospam’s solutions!

Thousands of companies, CTOs, CIOs, CISOs and IT managers already trust us to protect their e-mail against phishing, spear phishing, ransomware, …