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Business Scams Beware!

Apr 21, 2018

As we’ve been discussing in a number of our newsletters recently, scams are on the rise, and not just impacting individuals, they’re getting smarter and targeting businesses. No matter the size, it seems we hear about business scams almost daily now, and put simply, these scammers target you because the impact is greater!

It’s because they’re clever. But really, when you hear this example below, it’s not all that difficult to understand why.

They’re going onto Google, and as an example searching XYZ in Brisbane, and clicking the first company to pop up on the search.

Let’s head to the “Our Team” page. Great – now we can see all the personnel that exists within that company. I can’t find the Receptionists email address, so let’s cross check this against LinkedIn, and see what we can find. Excellent – that was easy.

The Company Director’s name is Joe Bloggs, Receptionist’s name is Sarah Smith. We can see in Sarah’s LinkedIn profile that she manages the Third Party suppliers on behalf of the company as well as the Accounts.

I think we’ve found our perfect candidate!

Time to set up a fake email address – Joe.Bloggs@1nf7un85n.com, and send an email to Sarah’s company address. Sarah reads the email as if it’s come from her boss, so she actions it immediately! The sender just reads as “Joe Bloggs”. Nothing suspect about it.

These emails will always request something, and usually make payment of a bill. Such as:

Hi Sarah, I didn’t unfortunately get to this bill yesterday, would you mind making payment to it today on behalf of me. Click through to this link, total was $1040 – it was for the stationary we ordered the other day. Thanks Sarah, Joe.

And, as simple as that, the scammer has just made $1k. Sarah didn’t know it was a scam until her boss visited her desk a few days later once the funds had cleared, asking what payment she made for $1040. Little did she know, it was from an email address domain @1nf7un85n.com and not her boss’s company email address!

This is just one of the many scams we report on, so if there’s a few tips we can provide, read this list today:

  • Always check the “from” address.
  • Have training sessions in house so your staff understand what scams are circulating businesses.
  • If it’s unusual, always call the sender to check whether it is legitimate.
  • Never click links or open attachments if it looks unusual or from an unverified sender – as they may also contain a malicious virus.
  • Never send money or give credit card details, online account details or personal information by email or over the phone. You never know who is on the receiving end.

If you would like to speak to your Insurance Adviser regarding Cyber Insurance for your business, please contact us on 1800 122 194. Get your business adequately covered.


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