Impersonation Fraud by Email

All UK Banks have been advising their customers to be vigilant about email impersonation fraud.

Cyber Security Eye
Email impersonation fraud has cost UK companies some £32m. Cyber attack is increasing in usage,
which is why SMEs must stay vigilant or they risk being hacked.

Email impersonation fraud may seem legitimate, but scams involve employees receiving requests from “bosses” for sudden money transfers. An email arrives in the employee inbox looking like a legitimate request to make a money transfer for an apparently urgent reason. Companies that do not have checks and balances on setting up new payees or money transfer risk falling foul of this scam.

Social media has been highlighted as a tool used for the online crime wave, with fraudsters doing their research on companies and individuals through social networking accounts.If employees post information about their lives on Facebook then it will be easier for criminals to find out where they work and start to guess email addresses, passwords (name of your favourite pet etc..)

Prevention is of upmost importance in putting a stop to this cyber crime – companies need to consider fraud as critical to their business operation as any other aspect such as cash flow

With the number of businesses now going online for their business banking the issue of fraud prevention has never been more important.”

In order to prevent these attacks, it is vital that businesses to discuss the issue with its staff. This will include considering how they can be more vigilant about what is being shared publically, so that hackers have limited information resource. Constant training and discussion is vital as the “threat landscape” changes rapidly.

Last year,2016, it has been discovered that 91 per cent of business leaders said cyber security was important, though just 57 per cent had a protection strategy. Furthermore, only 20 per cent have insurance for attacks. If you are interested in Insurance there are a number of providers out there but one we particularly like is Elmore. Just have a chat with Simon Gilbert

One of our top tips to stay safe on line is to keep contact details with your bank updated, so that businesses are easily reachable should suspicious activity be detected.

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