If you reboot and go into the BIOS to look at its temperature, what reading does that show - I suspect a software problem somewhere as that's mighty hot (especially if the fan is working fine)!
The software utility shown seems to be reporting the processor’s temperature and not the motherboard. Which is your processor model number? Each processor has its own the TCase (a number established by Intel® as a point of reference in order to understand what could be expected as per normal processor temperature). The specific TCase value can be gotten by searching the processor model number at: http://ark.intel.com/
Furthermore, if the processor was indeed running at 124°C your system should have shut down long time ago as this would be an overheating issue.
Please check within the BIOS which is the processor temperature reported, as this is the most reliable value you can get. Third party software is not always optimized for every single processor available in the market, being very normal to get inaccurate values.
In order to avoid overheating on your processor, you may check the following recommendations:
*Update the BIOS to the latest version in order to have the proper microcode of your processor, which will help on the proper recognition.
*Check the processor and system fan(s) to see if any have been disconnected or are blocked by a foreign object.
*Make sure that there is proper airflow in and around your system. Make sure your system is not located near walls or in corners. If vents in the system become blocked, airflow to the fans may be restricted.
*Your system should be kept in a room that has adequate cooling; the room's ambient temperature should be below 90 °F (32 °C).
*Check that the processor's heat sink has been installed properly. Inadequate thermal grease on the heat sink can cause unusually high processor temperatures.
*We recommend running the Intel(R) Processor Identification Utility to properly identify your processor. You can download this utility at: http://www.intel.com/support/processors/tools/piu/
*You can also run the Intel® Processor Diagnostic Tool in order to verify your processor’s functionality. This download can be found here: http://www.intel.com/support/processors/sb/CS-031726.htm
I will not be using Speccy if I were you. There are issues to temp readings as reported by users. Try googling the software and read the issues for your self. Why not use Intel's IDU?