Scam artists use different schemes to get money from their victims and businesses are no exception. Here are the most common types of scams:
A scam artist hacks into a CEO’s email account and contacts a company employee who’s authorized to make international wire transfers. Using the CEO’s email address, the fraudster asks the employee to transfer money to a foreign account for an emergency or major acquisition. The situation usually involves multiple email exchanges during which the hacker stresses the importance of keeping the matter under wraps.
A scam artist hacks into the email account of a company’s regular supplier and asks the company to make payments to a new bank account. The legitimate supplier therefore never receives the company’s payments.
A new “client” (with bad intentions) sends a company a cheque in the wrong amount for goods or services and then asks to be reimbursed for the excess amount. But the cheque is fraudulent, so the scammer makes off with the goods or services and the amount reimbursed by the company. The scam artist may even tell the company to keep the commission on the overpayment to compensate for any inconvenience.
IT support scam
An employee gets a call from a scam artist pretending to be an employee of a financial institution or another organization (e.g., an IT or telecommunications company). The fraudster tells the employee that there’s a new way to make banking easier or that they need to update their company information. After gaining the employee’s trust, the scammer sends the employee an email with software to download. They’ll ask the employee to remain on the line for assistance. In reality, this software provides access to the employee’s computer and personal information (user IDs and passwords).