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Business Email Compromise

Protecting your business can feel like a moving target – as new fraud schemes arise; you must adjust and add extra security measures. Fraudsters use various techniques, from simple scams such as spoof domains to hacking into your company’s network. Fraudsters play on employee’s emotions by impersonating company leaders including CEOs, CFOs, HR, Finance and Legal as well as vendors and other partners.

Educate your employees and set the culture

What is Invoice Fraud?

  

What is Business Email Compromise Fraud?

Why do they call it CEO fraud?

 

Best Practices For Your Business

  • Create company policies.
    • Call the requestor or visit in person
    • Validate payment instructions with details on file
    • Implement multiple approvals for large remittance amounts
    • Implement approval protocol when executives initiate a transaction
    • Set checks and balances
  • Provide scenarios that resonate with daily activities and functions.
  • Ensure employees understand how to decipher fraudulent emails and URLs.
    • Do the details in the email match?
  • Supply employees with instructions if they suspect or experience fraud. It is important to act quickly. What should you do?

 

Technology

Build in system controls within the IT portion of your business to map existing workflows for ACH and wire payments. Identify weaknesses that could expose you to risk.

Contact Treasury Management

We are in your corner and dedicated to serving as a resource.
For information on fraud prevention services and tools, or if you feel you are a victim of fraud, please contact us.
Toll Free: 888-539-7928
Houston: 713-235-8805
Dallas: 214-754-9474
San Antonio: 210-343-4419
Email Us

 

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