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TO: All Providers
RE: Keep Your Accounts Secure
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.
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