Uncovering the Threat: Advanced Email Scams
Uncovering the Threat: Advanced Email Scams
The rise of technology has allowed scammers to become more sophisticated in their tactics, and it seems that the community’s awareness of these tactics has prompted scammers to become even more cunning. People are now aware that a cold call asking for sensitive information is likely a scam, and that the police will not demand payment in iTunes gift cards, yet scammers are still finding ways to infiltrate once-safe methods of conducting business.
One method that is becoming increasingly common is the invoice scam. Scammers are now able to create convincing invoices from known suppliers for transactions that the victim was already expecting to pay. The email address and invoice itself look legitimate, but the bank details have been altered, and the victim pays the scammers without realizing it. This scam has become so sophisticated that there is often no trace left for the victim to identify that a scam has taken place.
So, how can you avoid falling victim to these scams? Firstly, always verify any request to change or provide new bank details with the supplier using a known phone number or reliable mode of communication. Avoid using the phone number listed on the invoice, as this could also have been manipulated by the scammer.
Secondly, consider implementing a multi-person approval process for transactions above a certain dollar threshold, with processes in place to ensure that the business invoicing you is the one you normally deal with.
Thirdly, keep your IT systems up to date and secure. Regularly patch your systems, run antivirus software, and have a good firewall to protect your data.
Finally, consider using eInvoicing as a standardized and secure method of exchanging invoices directly between suppliers and buyers. This is a modern solution that eliminates the need for traditional paper invoices and reduces the risk of invoice scams. Further information on eInvoicing can be found in our software providers partners’ resource center through QuickBooks and Xero links.
At Tradewise Solutions Chartered Accountants, we offer a secure document transfer service for our clients to submit their data securely, rather than sending it via email.
In conclusion, with the continued threats and insecurity of email, it’s important to stay vigilant and adopt secure practices when conducting business. The above precautions can help to protect your personal information and finances from sophisticated scammers. Remember, always seek professional advice when in doubt.
Disclaimer
The information provided in this information sheet does not constitute advice. The information is of a general nature only and does not take into account your individual situation. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Tradewise Solutions before making any decision to discuss your particular requirements or circumstances.