Business Email Compromise (BEC) scams use social engineering and deception to defraud organizations and steal their employees’ information and identities. These types of scams try to trick employees into transferring money or sensitive information to the scammer. Many organizations fall victim during tax season.
How can you avoid falling for this type of scam?
- Verify changes in payment instructions to vendors and suppliers.
- Maintain hard copy files of vendor contact information for employees authorized to change payment instructions.
- Train finance and HR staff.
- Limit the number of employees in your organization who can approve or conduct wire transfers.
- Use two-factor authentication methods to secure accounts and services.
Bottom line: If you are asked to do something unusual or out of the ordinary, double or triple check before carrying out suspicious instructions. Even if you receive an email from your CEO or other high-ranking member of your organization, speak to that person yourself to verify the instructions came from them.
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