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Fraud Alert: Supplier’s Email Hacked

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.

Whats Happening:

  • 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.

Daniel Raleigh 21 posts

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