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Email Scams Proliferate

Cyber criminals use emails to persuade employees to send a payment.

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business email compromise scamsFrauds that use emails to trick company employees into making unwarranted payments are proliferating, underscoring the importance of businesses’ having procedures in place that not only guard against such frauds but allow them to respond effectively if frauds occur.

Last month, the FBI warned of a “dramatic rise” in the frauds, known as business email compromise (BEC) scams, after previously issuing warnings last August and January. And the Association for Financial Professionals’ 2016 survey on payment frauds and controls found that 64% of the more than 600 treasury and finance practitioners surveyed had experienced actual or attempted BEC scams in 2015.

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