'CEO Scam' the newest online fraud says Charlottetown police

Charlottetown police are warning about the latest online scam making the rounds and this time the fraudsters are posing as your boss.

Deputy Chief Gary McGuigan said it's called the "CEO fraud or scam" and the emails lookvery convincing.

McGuigan said the email is supposedly from the recipient's boss asking them to transfer some funds from a business account into another account.

"The requests look like they're coming from either the chief executive officer or the chief administrative officer of that company," he said.

"And normally the requests are for cash to be transferred into another account."

McGuigan said at least one Islander transferred funds, but the money was recovered.

"We've had two or three of these probably in the last six months. They will take your letterhead, they will put it in a nice package and the request looks legitimate at first blush," he said.

This type of online fraud in a growing global trend McGuigan said, and it's costing businesses billions of dollars.

Charlottetown police said if anyone feels targeted by this scam to get in touch with them and report it.

• MORE P.E.I. NEWS | Dylan Menzie to represent P.E.I. in CBC Searchlight contest
• MORE P.E.I. NEWS | Special Olympics P.E.I. names athletes to 2017 World Winter Games