Understand Email Fund Transfer Fraud So You Can Educate Employees and Prevent It
Being able to wire money to someone is an excellent feeling when it is warranted. More and more companies are falling victim to these types of scams, which can cost the victims a lot of money. At Comodo, we understand your frustrations. You work hard to make that money, providing the best options to your customers, and then someone comes along and tries to steal it. Fund transfer fraud from email is a new kind of identity theft that uses fake emails being sent from senior executives or CEOs of the company. People think it is legitimate, so they send them the money, and then it is gone.
How It Works
The process is very easy for most hackers, and includes:
- Changing email headers
- Sending the spoofed mail to an employee
- Usually, emails provide you with more instructions on how to send the money
- Employee does what they’re told
- Money is sent to a hacker, and they remove all evidence of the fraudulent email
Why It Works
An email fund transfer is sometimes the only way to get money sent to people who are far away or in need of emergency funds. While it wouldn’t make sense for a regular employee to send the cash, perpetrators research the responsibilities of each employee to find out which ones would be contacted in that situation. They’ll also study the schedule for the exec.
Many times, they will request a small email fund transfer so as not to raise suspicion, but they may ask for larger amounts, especially if the executive is working on some business deal. Therefore, you need security options in place to ensure this doesn’t happen. Our product can ensure that spoofed messages and websites aren’t allowed on the server, so this can’t happen. Contact us today to learn more.