Protect Your Business From Costly ‘CEO Fraud’ Scams
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Protect Your Business From Costly ‘CEO Fraud’ Scams

Is your business vulnerable to email scams that could hurt your finances or reputation?

Sometimes called ‘Business Email Compromise’ or ‘CEO Fraud,’ this growing type of scam targets businesses of all sizes.

It happens when crooks pretending to be a top company official send email to an employee asking them to send sensitive information or to wire money or make ACH transfers to a bank account. The employee is told the task is urgent or confidential and not to tell others.

This can also occur when someone posing as a vendor requests payment to a new account number.

The emails can look so real that the employee does as asked, only to realize later that the request was bogus and the money or information falls into the wrong hands.

Here are some ways to help keep your business safe:

  • Whenever possible, verbally verify all wire, ACH or sensitive information requests received through email. Do it in person or using trusted telephone numbers.
  •  If you can only communicate via email, forward the original request and type in the requestor’s known email address. Ask for confirmation.
  • Check the sender’s email address closely. Scammers often use email addresses that look real but are slightly different.
  • Limit the number of people in your business who are authorized make wire transfers or ACH payments. This can be done from your online banking admin. You should also set notifications that inform top managers when a transaction is ready for approval.

Contact us to learn more about how to keep your business accounts safe, and how to use online banking to help protect your accounts. We’ll be glad to help.