Scam of the Week: Fraudulent Funds Transfers
on Wednesday, January 11, 2023
Privacy & Security
Organizations often use email to send their employees invoices that they need to pay. Now, cybercriminals are taking advantage of this process by using fraudulent funds transfer (FFT) scams. In FFT scams, cybercriminals try to manipulate you into transferring your organization’s funds to their bank accounts.
To start an FFT scam, cybercriminals use social engineering to steal an email account from your organization. Then, they use this account to send you an email pretending to be an executive from your organization. This email lists bank account information and states that you need to send a payment to the bank account as soon as possible. If you send this payment, you won’t be paying an important invoice for your organization. Instead, you’ll be sending your organization’s money directly to cybercriminals.
Follow the tips below to stay safe from similar scams:
- Always think before you click! Cybercriminals can use fake invoices to alarm you and trick you into clicking impulsively.
- Never send money to a bank account provided in an email. Instead, navigate to the organization’s official website to submit a secure payment.
- To verify the legitimacy of an invoice, reach out to the person who allegedly sent the email by phone or in person.
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