Security
Email Compromise
How to recognize and reduce the likelihood of successful attempts to compromise your email.
At Amegy Bank we take the safety and security of your accounts and private information very seriously
Each second, 2.7 million emails are being sent and approximately 60% of them are considered email fraud. Phishing is an act of social engineering to access private information. Phishing emails appear as they’re sent from a reputable person or legitimate company. However, this practice is known as spoofing. Fraudulent emails ask for personal information for “verification” purposes. Scammers want victims to click on a link or reply to their emails. The fraudsters may set up fake websites that look exactly like the legitimate website to trick users into giving out sensitive information.
How Wire Transfer Fraud Happens
Scammers employ many methods to steal bank and other account login information. Email phishing or Business Email Compromise (BEC) is the most common. The scammer sends an email made to look like it’s coming from a legitimate source, such as a vendor, financial institution, or even a colleague. The email includes an urgent call to action encouraging you to click on a link. It could be an account alert, request for payment, or a request for information.
When you click on the link, you are redirected to a legitimate-looking website where you are invited to log in. The phisher captures your log-on or your personal information so it can pose as you on the actual website and proceed to drain your funds or spend your money.
With their experience and success, phishers continue to perfect their techniques for disguising their emails and making them look more authentic, even personalizing them with information about you they find on the web. They send out thousands of these fake emails each day, knowing that someone is going to bite.
You are the First Line of Defense
You can reduce the likelihood of success of any type of wire transfer fraud initiated against you. Education is the key - educating your employees on the risks, vulnerabilities, and specifically, what to look for before executing a wire transfer.
How Wire Transfer Fraud Happens
Watch for phishing expeditions:
Cyber thieves have become very sophisticated in how they can mask phony emails to make them look like legitimate requests for money. Closely scrutinize emails for inconsistencies in email addresses, domain names, and salutations. If anything appears remotely suspicious, call a phone number you trust and talk with someone familiar with the transaction you’re working on.
Be cautious of urgent calls to action:
Be suspicious if you are urged to make a quick decision. Scammers typically try to inject a sense of urgency into their emails to spur an immediate response.
Verify email requests:
In some instances, an executive’s or vendor’s email account is compromised, making it appear as the request is coming from a legitimate source. Always contact a transfer recipient by phone to verify the request. Consider it a red flag if you are unable to reach them.
Take immediate action:
If you think a scammer has victimized you, contact your financial institution immediately and request that it contact the recipient’s financial institution. Although banks are also becoming more sophisticated in detecting and preventing wire transfer fraud, each individual and business must be its first line of defense in stopping it at the source.
Suggestions for protection
Be mindful of any email, phone call, or text messages that require you to give sensitive information such as bank account numbers, unique identifiers, and business information. If you have further questions contact Customer Support at 888-500-2960
How to report email scammers
Reporting email fraud is a good practice encouraged by all authorities. The FBI Internet Crime Complaint Center and the Federal Trade Commision track email scams along with the local authorities.
Amegy Bank has zero tolerance for phishing emails.
- Federal Trade Commission Deceptive Spam at spam@uce.gov
- Anti-Phishing Working Group at https://apwg.org
- The Cybersecurity and Infrastructure Security Agency at phishing-report@us-cert.gov
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