Business Email Compromise Scams

Business Email Compromise Scams


When it comes to the emails you receive,
everything isn’t always as it seems. Targeting businesses of all sizes,
business email compromise scams are rampant, amounting to billions of dollars
of losses globally. Using emails that are made to look like they are from someone you know, like your boss, your supplier or your customer, these scams ask for a
payment to be made to a fraudulent account. A quick phone call could prevent
your business from being scammed out of thousands of dollars, so here are two
common examples of this scam you need to be able to spot and protect against. Supplier email scams occur when a fraudulent request for payment looks like a legitimate expected invoice, or it could be a fake email requesting you
update a supplier’s payment details for future payments. Scammers can also
masquerade as your boss emailing a request to make an urgent or
confidential payment often in a way that’s different from your usual process.
So what can you do to avoid being caught by one of these scams? You can start by
dead bolting the doors to your email accounts by using strong and unique
passwords for each account and enabling two-factor authentication where
available. Then establish a clear payment approval process that involves multiple
approvers. Most importantly, remember to always pause before you pay, especially
when making payments to new accounts even if the request comes from your boss.
Verify payment requests received by email by calling a trusted number from
the supplier or customer’s website or speaking to the requester in person to
confirm the details are correct before creating the payment. Questioning the
legitimacy of a payment request could save your business thousands of dollars.
If you think you may have been scammed, contact Bankwest immediately.
Then make sure you reset your passwords and enable two-factor authentication on
your email accounts.

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