Ease of purchase is key. Also, think about credit.
Business Working with a Foreign Supplier A business that typically has a longstanding relationship with a supplier is requested to wire funds for an invoice payment to an alternate, fraudulent account. The request may be made via telephone, facsimile, or e-mail.
If an e-mail is received, the subject will spoof the e-mail request so it appears similar to a legitimate request. Likewise, requests made via facsimile or telephone call will closely mimic a legitimate request. The account may be spoofed or hacked.
A request for a wire transfer from the compromised account is made to a second employee within the company who is typically responsible for processing these requests. Business Contacts Receiving Fraudulent Correspondence through Compromised E-mail An employee of a business has his or her personal e-mail hacked.
This personal e-mail may be used for both personal and business communications. The business may not BEC ome aware of the fraudulent requests until that business is contacted by a vendor to follow recommendations in a business report on the status of an invoice payment.
Business Executive and Attorney Impersonation Victims report being contacted by fraudsters who typically identify themselves as lawyers or representatives of law firms and claim to be handling confidential or time-sensitive matters. This contact may be made via either phone or e-mail.
Victims may be pressured by the fraudster to act quickly or secretly in handling the transfer of funds. This type of BEC scam may occur at the end of the business day or work week and be timed to coincide with the close of business of international financial institutions.
Some of these incidents are isolated and some occur prior to a fraudulent wire transfer request. Victims report they have fallen for this new BEC scenario even if they were able to successfully identify and avoid the traditional BEC scam.
This data theft scenario of the BEC scam first appeared just prior to the tax season. The request appeared to coincide with the U.
The number of complaints and reported losses peaked in Aprilalthough complaints were still submitted by victims throughout Victims appeared to be both the businesses responsible for maintaining PII data and the employees whose PII was compromised.
In several instances, thousands of employees were compromised. Employees filed identity theft—related complaints with IC3 that included reported incidents of fraudulent tax return filings, credit card applications, and loan applications. The fraudulent request appeared to be facilitated through a spoofed e-mail or domain.
Some financial institutions reported holding their customer requests for international wire transfers for an additional period of time to verify the legitimacy of the request.
The following list includes self-protection strategies: Avoid free web-based e-mail accounts: Establish a company domain name and use it to establish company e-mail accounts in lieu of free, web-based accounts.
Be careful what you post to social media and company websites, especially job duties and descriptions, hierarchal information, and out-of-office details.
Be suspicious of requests for secrecy or pressure to take action quickly. Consider additional IT and financial security procedures, including the implementation of a two-step verification process.
Establish other communication channels, such as telephone calls, to verify significant transactions. Arrange this two-factor authentication early in the relationship and outside the e-mail environment to avoid interception by a hacker.
Both entities on EAC h side of a transaction should utilize digital signatures. This will not work with web-based e-mail accounts. Additionally, some countries ban or limit the use of encryption. Immediately report and delete unsolicited e-mail spam from unknown parties.
DO NOT open spam e-mail, click on links in the e-mail, or open attachments. These often contain malware that will give subjects access to your computer system. Consider implementing two-factor authentication for corporate e-mail accounts.Acknowledgements.
Human Rights Watch would like to thank all of the survivors of sexual violence, former offenders and their families, social workers, advocates, law enforcement officials, and. Business E-mail Compromise (BEC) is defined as a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments.
The E-mail Account Compromise (EAC) component of BEC targets . RECOMMENDATIONS Try it in your groups: TB p. 69 Refer to the handout on the Introduction and Findings of the Report on Dover Polytechnic Write the Recommendations (on a separate piece of paper): Don’t lose it – you will need it for a later exercise!
Nominate someone in your group to read out the answer. The recommendations section of any report is important because it calls people to action based on the evidence that has been gathered and analyzed in the report.
It needs to be actionable, specific and make sense as a solution to the problems detailed in the report. This article needs additional citations for verification.
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