Learn about payment diversion fraud - Video Transcript

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[00:00:02 – 00:00:10] Cyber-attacks are on the rise. Criminals wants to steal your money and information and are successfully doing through one of the newest emerging threats.

[00:00:11 – 00:00:14] Business Email Compromise

[00:00:15 – 00:00:19] Businesses can lose huge sums of money because of one bogus email.

[00:00:20 – 00:00:24] The FBI reports hundreds of millions of dollars are lost each year in the US

[00:00:25 – 00:00:34] In the last few years, there has been a two-thousand, three hundred percent (2300%) increase in identified exposed losses. Now totalling over fiver (5) billion dollars

[00:00:35 – 00:00:38] Let’s see how this scam works in a vendor scenario

[00:00:38 – 00:00:46] The company’s payment team will receive an instruction from who they think is the vendor, requesting future payments to be sent to a different account number

[00:00:47 – 00:00:50] The new account may be at a different bank or even a different country

[00:00:52 – 00:01:00] The instruction may come from what looks like a valid email address for the vendor or be on a paper with a logo and other information that look legitimate

[00:01:02 – 00:01:08] The payment team may think that the instruction was valid and act on it resulting in a fraudulent payment

[00:01:08 – 00:01:14] Business Email Compromise is a real threat, and can cause significant financial loss and reputational damage

[00:01:16 – 00:01:19] Now, let’s see how you can protect yourself and your business

[00:01:20 – 00:01:25] Carefully scrutinize all emailed payment instructions to ensure that they’re from the right person

[00:01:27 – 00:01:32] Verify payment requests and changes to account details using known contact details

[00:01:34 – 00:01:41] Establish other communication channels, such as phone calls to verify significant transactions, and avoid interception by a hacker

[00:01:43 – 00:01:48]Consider using digital signatures for all electronic communications related to payments

[00:01:49 – 00:02:00] Look out for unusual changes in business practices, for example, getting a request from someone who is not normally involved in the payment process, or a vendor asking for an account number to be changed.

[00:02:01 – 00:02:04] Educate yourself, your staff, and your peers

[00:02:05 – 00:02:07] What seems legitimate at first glance may be fraud

[00:02:09 – 00:02:11] Be aware and protect yourself

[00:02:12 – 00:02:16] You can visit our security page for more information about online protection