Businesses need to take note of fraudulent emails from their suppliers and vendors. These emails claim that the supplier’s online banking information has changed and requests a wire transfer to the new account. Many companies are receiving these emails from their vendors actual legitimate email addresses.
- The buyer and the supplier have an established relationship
- The supplier’s email is hacked
- The hacker then pretends to be the supplier and gives the buyer the new banking information for wire transfer. This is usually an account the hacker sets up
- The funds are then sent by the buyer to the hacker’s bank account without the buyer confirming the bank account as legitimate
- Later the buyer is informed by the supplier that their email was hacked or that they have yet to receive the payment
- By then the hacker has closed the account and is onto their next victim
What you should do if you get one of these kind of emails:
- Make sure to verify the new banking information. Pick up the phone and give your supplier a call to confirm the account.
- Notify your financial institution immediately. If you have already transferred the funds try to give your bank a call and sometimes they may be able to recall the transfer.