What if your company accountant receives an urgent, time-sensitive email from your chief executive officer (CEO) requesting a transfer of funds for an acquisition? The prefix and domain of the email address are correct, suggesting its legitimacy, and your CEO isn’t answering the phone. What do you do?
This latest phishing scam, known as a Business Email Compromise (BEC), is taking its toll on businesses with foreign suppliers who regularly make wire transfer payments. So, how do you protect your business from BEC phishing scams? Here are a few things to consider.
Educate Employees – Teach your team how to recognize phishing emails.
Leverage Technology – Make sure your IT team has taken the appropriate steps to filter out spam emails from your chosen platform.
Strengthen Financial Protocols – Ensure that two-step verification processes are in place for all wire transfers.
Consider Document Management – Document Management software protects all of your company’s data— including emails.
