Keep Your Accounts Secure


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To: All Providers 


The FBI and Secret Service are warning companies of significant reporting increases in “funds transfer fraud.” Funds transfer fraud is a crime that leverages technical and social engineered attacks, they can occur through all means of communication (phone, internet). Fraudsters impersonate vendors, executives or banks to convince organizations to wire funds to accounts under the control of the criminal.  Unsurprisingly, criminals are leveraging heightened interest and fear surrounding COVID-19 to take money from unsuspecting victims. They are also taking advantage of the confusion and disruption in ordinary business operations.   


Fraudsters may also gain control of online banking information through malware or other techniques that allow hackers to take over user accounts and circumvent controls. The attack vector could be a spoofed email that contains a malicious link or attachment, which allows hackers to gain access to a company’s banking credentials (username, password, access to temporary or token credentials). The hacker then logs into the website or portal and instructs the financial institution to transfer funds to a fraudulent account.


What Can You Do to Safeguard accounts?

Use strong passwords, change passwords as you have staff turnover, and keep contact information up to date with all your payors and financial institutions. Verify deposits are made timely and question anything that appears out of the ordinary. If you have questions, verify your account information with financial institutions, payers and other vendors.