So, what are spoofers? They can assume many personas, but what we've seen is that these criminals will often pose as legitimate creditors. They then gain access to your email account and attempt to misdirect cash from the accounts of actual creditors who are owed money by your business. Anything they poach goes straight into their pockets. These crooks can be pretty smooth.
How can you protect yourself and your business against these imposters? Here are a few ways:
- Double- and triple-confirm any and all wire transfer instructions and subsequent changes; last minute alterations can be a first tipoff to fraud
- Communicate directly - over the phone - with creditors regarding transfer instructions; emails aren't always reliable
- Scrutinize emails before clicking links, responding, or confirming sensitive information - spoofers can gain access to legitimate accounts or create accounts that seem real
- Keep sensitive payment information private, even from trusted third parties - their vendors and employees are often vectors for fraud
- Do not ignore that uneasy gut feeling - speak with the supposed source of the email if you need assurance of its validity
Beyond a cautious skepticism, we also suggest adding a cyber policy to your business's insurance coverage. That way, if something does happen, you have a better chance of legal recourse.