EMAIL BANK SCAMS

Three Words to Ring Alarm Bells:
'URGENT', 'PAYMENT', 'REQUEST'

BANK SCAMS

'The email from the boss looked kosher...'

'He said a new supplier needed paying urgently - £50,000 to secure an important contract.'

'He wanted it done as soon as possible because he was on holiday and didn't want to worry anymore about work.
This rang true to the finance director because his boss had already posted a photo of his Greek island getaway on Instagram. His email address looked genuine too.'

But, of course, it wasn't the boss.

It was a fraudster who'd done his research and was skilled at psychological manipulation.
The small manufacturing firm - that wishes to remain anonymous - ended up losing £150,000 to the fraudster in the mistaken belief that he was a legitimate supplier.

This is an all-too-common story, involving business email compromise (BEC) or CEO fraud, as it's known to law enforcement.


Three words to look out for in email subject headers that should set alarm bells ringing are "urgent", "payment" and "request"

Subject line

It is a relatively lo-tech fraud but phenomenally successful - around 22,000 firms and organisations around the world have lost more than $3bn (£2.4bn) to it over the last three years, the FBI says.

How to Avoid It

CHECK THE EMAIL ADDRESS/REPLY TO ADDRESS CAREFULLY
Two-thirds of these attacks used the simple trick of spoofing the email address to make it look like the message came from someone senior within the organisation when in fact it from a scam email address.
Often, if you reply to such emails, the "To" address will show a completely different domain name, or a company name that looks very similar but has an extra letter added or two letters flipped around.

RESPOND TO THE EMAIL USING THE CONTACT DETAILS ALREADY STORED IN YOUR ADDRESS BOOK
Do not click the reply button, Forward and reply to the email using the contact details you have stored.

ALWAYS PICK UP THE PHONE AND CALL
About 70% of all frauds could be prevented with a single phone call. Don't just rely on one email from the 'boss' or a 'supplier'- verify the request in person or over the phone - even if the email address looks genuine (the bosses/suppliers email account may have been hacked!)

ALWAYS BE SUSPICIOUS
Whenever it's anything to do with a financial transaction!


Details in this article taken from BBC news report, full story here:
http://www.bbc.co.uk/news/business-39429819

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