The Better Business Bureau (BBB) is advising businesses and organizations to be aware of Business Email Compromise (BEC) scams that have stolen sensitive employee and resulted in losses of millions of dollars. BEC scams typically involve phony of “spoofed” emails that appear to be from high-ranking company officials that instruct employees to wire large amounts or cash or provide sensitive information such as W-2 wage and tax statements. Thieves use publicly available information to research the targeted organization, tailoring the spoofed or faked email to make it appear that it came from a company executive.
Here are some tips that can help companies and organizations protect themselves from BEC scams:
- Institute employee fraud-awareness training, including instructions on how to carefully scrutinize email requests and email logs.
- Implement a policy to require confirmations for all fund transfer requests.
- Create a solid business continuity plan in the event of a BEC scam.
If you fall victim to such a scam, contact your local FBI office as soon as possible. In addition, contact your financial institution if there has been a wire transfer scheme and the IRS if the event tax information has been compromised.