Business Email Compromise

Protecting your business can feel like a moving target – as new fraud schemes arise; you must adjust and add extra security measures. Fraudsters use various techniques, from simple scams such as spoof domains to hacking into your company’s network. Fraudsters play on employee’s emotions by impersonating company leaders including CEOs, CFOs, HR, Finance and Legal as well as vendors and other partners.

Educate your employees and set the culture

Educational Video Series – Short Scenarios and Best Practices

What is BEC Fraud? more

Why Do They Call it CEO Fraud? more

Invoice Fraud more

Best Practices to Consider:

• Create company policies
• Call the requestor or visit in person
• Validate payment instructions with details on file
• Implement multiple approvals for large remittance amounts
• Implement approval protocol when executives initiate a transaction
• Set checks and balances
• Provide scenarios that resonate with daily activities and functions.
• Ensure employees understand how to decipher fraudulent emails and URLs.
• Do the details in the email match?
• Supply employees with instructions if they suspect or experience fraud. It is important to act quickly. What should you do?
• If your business is targeted, remember to alert The Commerce Bank of Washington and IT department immediately by calling 206-292-3900, and file a complaint with the IC3. Source: https://www.ic3.gov/complaint/

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