FRAUD ALERT!
There has been a increase in attempted fraud and business email compromise. Business email compromise is when a victim’s email account is hacked by a fraudster, then impersonates executives, business partners or vendors to trick staff into sending fraudulent payments. Please ensure that your organization has proper controls in place to validate vendor/payee information and changes to bank account information. Some important takeaways:
1. Always perform a validating callback to a trusted source when setting up a vendor account or changing banking information.
2. Do not trust the number provided in the request or rely on inbound phone calls.
3. Do speak with the requestor, do not settle for speaking with any employee.
4. Always confirm controls were executed and never presume a callback was performed.
If you have any questions or would like additional resources on best practices and protecting your organization from fraud, feel free to contact our office.
