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Wire Transfer Email Scams

Cyber Security

There has been a recent rise in scammers posing as company executives targeting company finance department executives with emails asking for large sums of money to be transferred into bank accounts.  The scammers purpose is very simple.— get the recipient to process a payment for fake goods or services by way of a  bank wire or credit transfer.

The scammers  will typically send an email to a senior member of the company finance team, usually pretending to be from the CEO or a senior executive of the organization.  Typically senior employees working in the finance department of a company will have the ability to make these types of payment requests.

How can I check the email to make sure it's not spoofed?

The scammers spoof the “From” address to make it look as though the email is coming from a company executive, even though the true sender’s address is different. The “Reply-To” address, usually a webmail address, can be seen when the user clicks reply.

If you receive a wire transfer request that seems out of the ordinary, always check that the sender is who they say they are.  Ask yourself: is this a normal procedure for your company executive to ask for an urgent wire transfer?

Use Common Sense: Behave in the cyber world like you would in the real world. Confirm things like requests for money through independent channels other than email. Call the person using a phone number you trust, or activate your sneakernet and walk over to their desk.

Train Everyone at Your Company (Even the Boss)

No Anti-spam system can block every single spam message. That is particularly true for sophisticated low-volume targeted attacks like this one.

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