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Protect Against ACH and Wire Fraud

In recent months, the Norfolk division of the FBI has reported an uptick in fraudulent activities which has resulted in significant financial loss to affected companies. Specifically:
•Company employees have been targeted and convinced to send high dollar wire transfers to overseas accounts (most recently in China or Hong Kong.)
•These email and telephone requests were often directed to employees who typically process company payments and wire transfers, although accounting departments and administrative officers have also been targeted.
•Emails appeared to originate from a legitimate supplier or executive; however, the email was spoofed - making it difficult at first glance to determine authenticity.

EXAMPLE: j.smith@uyzsupply.com

SPOOF:    j.smith@ujzsupply.com - substituting a 'j' for the 'y'

•These bogus requests are sent with a sense of urgency and they attempt to bypass normal verification processes.

This scam continues to grow and evolve, with several variations of the scenarios above. Businesses in all 50 states and 79 countries have been impacted, and according to the FBI, there has been a 270% increase in reported victims and losses since January 2015.

Download our Best Practices tip sheet to educate your employees to help protect your company's financial accounts and information.