Fake CEO: How One Question Saved Ferrari from Fraud

Disclaimer: This article is intended for general information only and does not constitute personal financial advice under UAE regulations governing financial blogs and advertisements.

In the world of corporate fraud, deception often wears a convincing suit. Even the most prestigious brands are not immune. In a gripping episode of social engineering gone wrong, Ferrari—Italy’s crown jewel of automotive luxury—narrowly escaped a costly fraud. The culprit? A con artist pretending to be Ferrari’s CEO. The savior? A single, well-placed question.

It began like many corporate scams do with confidence, authority, and impeccable timing. The imposter had done his homework. He knew internal Ferrari lingo, mimicked the tone of senior executives, and understood the company’s supply chain operations. He contacted a senior employee at Ferrari’s finance department via phone, claiming to be Benedetto Vigna, Ferrari’s actual CEO. The caller urgently needed assistance processing a confidential cross-border payment for a sensitive acquisition.

This is a textbook example of “CEO fraud,” a type of business email compromise (BEC) that involves impersonating top executives to manipulate employees into transferring funds or revealing sensitive information. The scammer usually creates pressure by introducing an element of secrecy or urgency.

But Ferrari wasn’t just another corporation. The employee on the receiving end of the call had experience—and, more importantly, instinct. Something didn’t sit right. The voice was similar but not quite perfect. The pressure was high, but Ferrari had strict internal controls.

Instead of acting immediately, the employee asked a deceptively simple question: “Can you confirm the internal project code associated with this deal?” It was a question only someone deeply embedded in Ferrari’s real operations would know. The fake CEO hesitated. He tried to deflect. When pressed again, he hung up.

That single question—strategic, specific, and unanswerable by the imposter—unraveled the fraud attempt. Ferrari later confirmed the attempted scam and praised the employee’s diligence. No funds were lost. No data was compromised.

So, what can business leaders and finance professionals learn from Ferrari’s narrow escape?

• Social engineering is the biggest threat to cybersecurity.

Most breaches are not the result of complex hacks but of human error. Fraudsters rely on employees bypassing procedures under pressure. Training and awareness are your first defense.

• Internal controls must be designed for pressure situations.

Scammers create urgency to override procedure. Ferrari’s culture empowered the employee to pause, question, and verify—even under supposed executive instruction.

• Verification is not disrespect—it’s risk management.

In many cultures, especially hierarchical corporate structures, questioning a CEO’s directive feels taboo. Ferrari’s story shows that verification protects everyone.

• Simple questions can be powerful tools.

A single detail—like a project code, an internal nickname, or a shared piece of context—can expose a fraudster. These aren’t passwords, but they function like passphrases that validate authenticity.

• Fraud prevention is everyone’s responsibility.

The finance department is often the final gatekeeper for large transactions. Ferrari’s employee didn’t rely on IT to flag the fraud. They relied on judgment and internal processes.

As financial professionals, it’s tempting to see fraud as a technical problem—solvable by firewalls, anti-virus software, and multi-factor authentication. But Ferrari’s experience shows that vigilance, culture, and the courage to ask one good question are just as critical.

In an age where deepfakes, spoofed emails, and cloned voices are increasingly sophisticated, the human element remains both the weakest link—and, as in this case, the strongest line of defense.

Ferrari didn’t stop a fraud with technology. They stopped it with training, culture, and a well-timed question.

Would your team do the same?

Picture by Goh Rhy Yan