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Office of the Vermont Attorney General

Consumer Assistance Program at the University of VermontBusiness Imposter Scam

Business Imposter Scam

Business Imposter Scam: Know your relationships, take steps to verify

Cyber criminals compromise business systems while purporting to be a familiar business representative.

  • Funds are requested appearing to be standard operating procedure.
  • Email may be hacked or a sender email may impersonate the email of the business.
  • Emails sent to unassuming recipients appear to be from the business. 
  • Email recipients are under pressure to act fast due to an underlying emergent issue. 
  • Common forms of payment include bank wire transfers, cryptocurrency, and gift cards.
  • Funds sent likely cannot be retrieved.

Scam Recovery

 

Slow down, log the contact. Make One call to a contact, Call an organization who cares

Avoiding the Business Imposter Scam

Steps to Verify

  1. Cybersecurity assessment: check internal controls and resolve vulnerabilities.
  2. Train staff regularly in cybersecurity and funds management protocols.
  3. Enlist internal protocols to verify the transfer of funds by engaging multiple staff members and voice verification, using trusted contact information.
  4. Help clientele to identify common scams within the industry.
  5. The SLOW method can serve as a helpful starting point, encouraging parties to take their time during urgent transactions and connect with a trusted party.
  6. Never send money to parties you cannot verify.
Video Survey FBI: More about the Business Imposter Email Scam

Impact

Business Imposter Scam loss reported to the FBI over a 7 year period 1
Business Imposter Scam reports to the FBI in 2020
Business Imposter Scam loss reported in VT in 2020

Share this information with someone you care about.

Handout   Imposter Scams Toolkit  Learn More

Recovering from this scam?  Get help now.

Consumer Assistance Program: Attorney General's Office and University of Vermont: Get Help with Consumer Problems and Report Scams

1-800-649-2424    |    ago.cap@vermont.gov