Vendor payment scam: Email con fools businesses
Scammers are targeting employees with scam emails. The con starts with scammers hacking into the company mail server and hijacking management email accounts. Then they send out fake emails to employees instructing them to change the way a vendor is paid. Employees are typically asked to send payment by wire transfer or other immediate form of payment.
To make matters worse, the scammer often instructs the targeted employee to keep the payment method change a secret.
This scam has many variations and is often hard to track, since scammers are using real email accounts from real company executives. In addition to having a good cyber security policy in place, making sure that your anti-virus/anti-malware is up to date and ensuring that your business network is secure, there are several simple steps that your company can take so it doesn’t fall victim to this scam.