6 Ways to Protect Your Business from Business Email Compromise Scams

Chalana Williams, First Federal of Lakewood

6 Ways to Protect Your Business from Business Email Compromise Scams

Companies of all sizes are being targeted by criminals through business email compromise scams. In these scams, cybercriminals gain access to an employee’s legitimate business email through social engineering or computer intrusion. The criminal then impersonates the employee—often a senior executive or someone who can authorize payments—and instructs others to transfer funds on their behalf. First Federal Lakewood recommends the following tips to help businesses and employees avoid business email compromise attacks:

• Educate your employees.You and your employees are the first line of defense against business email compromise. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
• Protect your online environment.It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
• Use alternative communication channels to verify significant requests.Have multiple methods outside of email—such as phone numbers and alternate email addresses—established in advance to contact the person making the request to ensure it is valid.
• Be wary of sudden changes in business practices or contacts.If an employee, customer, or vendor suddenly asks to be contacted via their personal e-mail address, verify the request through known, official and previously used correspondence as the request could be fraudulent.
• Be wary of requests marked “urgent” or “confidential.Fraudsters will often instill a sense of urgency, fear, or secrecy to compel the employee to facilitate the request without consulting others. Use an alternative communication channel outside of email to confirm the request.
• Partner with your bank to prevent unauthorized transactions.Talk to your banker about programs that safeguard you from unauthorized transactions such as call backs, device authentication, and multi-person approval processes.

For more tips, visit the FBI’s Internet Crime Complaint Center at www.IC3.gov. If you do fall victim:

• Contact your financial institution immediately to notify them about the fraudulent transfer and request that they contact the institution where the fraudulent transfer was sent.
• Contact your local FBI office as they might be able to freeze or return the funds, if notified quickly.
• File a complaint, regardless of dollar loss, at www.IC3.gov.