Kelowna RCMP is reminding businesses to beware of a common fraud.
The Kelowna RCMP is reminding the local business community to beware of the business email compromise scam.
The Business Email Compromise Scam
In this fraud the cyber criminal targets businesses that have an existing relationship with a supplier, wholesaler or contractors.
An employee in the finance department of your company will receive an email that is addressed to them specifically. The email will be from the cyber criminal, however, it will look like it is coming from another company that you do business with (this technique is called Spear Phishing).
The criminal will ask for your company’s direct deposit form as they are changing their banking information or there will be a fake invoice included in the email asking for payment and there will be account information included of where to send the payment. When your company pays the invoice or does the next scheduled payment, the money will be deposited into the criminal’s bank account.
How to avoid be a victim of this Scam:
- Be diligent when encountering these types of emails or anything similar.
- Make direct contact with the company to ensure this is actually coming from them.
- DO NOT use the phone numbers or email addresses that are included in the email received, as this will just lead you to the cyber criminal.
If You Fell Victim to this Scam:
- Report it to your local police
- Equifax Canada (1-800-465-7166)
- TransUnion Canada (1-877-525-3823)