In the light of the new digital threat being faced by businesses in the form of Email Scams, it is critical to be aware of this growing problem.
The Business Email Scam is a misrepresentation by someone posing as an existing vendor, wherein a deceptive email is sent with details of a bank account for onward transactions. Convincing businesses that this updates are genuine, most corporate easily fall into this trap.
This menace is now been observed in UAE too, wherein many businesses have already reported considerable losses.
To be conned by these deception artists is not as complicated as we would like to imagine, hence awareness is critical. This starts with phishing an influential executive and gaining access to their mails, or emailing employees from a similar domain name.
Corresponding in lines with a previous email, a rapport is established. After this, citing a genuine & believable reason, they request the payment for the next invoices be transferred to a new account. The reasons could be as varied as problem with the existing account or any other reason. By the time this con is realized, it is too late, with the payments and manipulators getting away with it.
To avoid falling prey to such scams, you must:
- Ensure that your digital identities are protected and gadgets are malware free. This will help keep your data safe and avoid misuse of your id.
- Any requests for change in payment methods for a vendor, should be verified directly.
- Be smart while sharing financial or personal information on the digital platform. More often than not, this could easily fall in the wrong hands.
This is a service message, presented with the intention of social awareness to these frequently occurring email scams. We hope you will take precautionary action on the same immediately.