Business Email Compromise Fraud Prevention
17 January, 2020
Business Email Compromise Fraud Prevention:
We don’t want our customers or associates to be the next victim.
Watch the video above to learn how BEC works and share with your employees to keep your company safe.
Business Email Compromise, or “BEC” for short, is the impersonation of executives or business contacts to obtain the transfer of funds or sensitive information. BEC is happening every day to governments, school districts, retailers and private companies.
How do fraudsters steal from companies?
Fraudsters can steal identities by compromising an employee’s email account, then using it to notify customers of a change in invoice payment details. Customers then transfer/send their payment to the fraudulent account and the cybercriminal steals the money.
What is Crossland doing to help fight BEC Fraud?
Crossland’s Chief Administrative Officer and Chief Information Officer are leading BEC Fraud education seminars to help inform and protect our suppliers, subcontractors, and customers. We are also sending BEC Fraud notification letters to customers and making follow-up calls on accounts receivables that are past due.
How can you defend against BEC Fraud as a company?
- Raise company awareness
- Have your IT department flag external emails and emails with a slightly different domain name ( i.e., Crosslands.com or crossiand.com)
- Additional job training for employees
- Purchase cyber insurance for all entities involved in development, construction and ownership of the project
You will never receive a request for a change in payment information from email. If you do receive an email requesting account information always contact a known Crossland contact by phone call or in person. It is rare for companies to change their payment information, so always challenge if this happens!!!