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.
Avoiding the Business Imposter Scam
Steps to Verify
- Cybersecurity assessment: check internal controls and resolve vulnerabilities.
- Train staff regularly in cybersecurity and funds management protocols.
- Enlist internal protocols to verify the transfer of funds by engaging multiple staff members and voice verification, using trusted contact information.
- Help clientele to identify common scams within the industry.
- 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.
- Never send money to parties you cannot verify.
Impact
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