Protect Your Business from Email Fraud

According to the FBI, Business Email Compromise (BEC) is one of the most financially damaging online crimes. While technology brings convenience and ease in running a business, it can also bring added risk. If you own a business, it’s important to protect your business and your customers. Fraud through business email is a real threat. Here’s information about how it happens and tips to help business owners avoid it.

Business Email Compromise (BEC) Scams

Email is often the main form of communication for businesses. When your company email is compromised, it can affect your reputation and your bottom line.

Here are examples of BEC scams:

• Fake Billing Emails
  • Often these emails come in the form of an invoice, a payroll change or a request to make an account change. Look for grammatical errors, date changes, slight changes of legitimate email addresses and/or a sense of urgency in these correspondences. Always call and verify a request using a trusted number on file.
• Impersonation, also known as Spear Phishing
  • This is when a message is sent appearing as if it’s from a trusted source (CEO or CFO). It allows criminals to have access to business accounts, calendars and any other company intelligence they need to get what they want.
• Malware
  • This is when malicious software invades a business network. It can access company email (including emails regarding financial matters).

Here are solutions to help keep scammers out of your business

• Money Matters
  • Use Treasury Services. Have a dual control process to review and approve change requests. Require dual authorization for all outgoing wire and ACH transactions.
• Keep it Confidential
  • Never email confidential information such as Social Security numbers.
• Make Your Employees Email Savvy and Vigilant
  • Implement a cybersecurity training program as part of your company policy. Keep your staff up to date on the latest best practices.

Fraud is happening now more than ever. Review your internal procedures and reach out to CommunityAmerica about setting up security system enhancements.