Various email compromise and social engineering schemes continue to pose a significant financial risk to businesses of all sizes. “Executive impersonation” and “vendor impersonation” schemes – where fraudsters send a payment initiation request from what appears to be an email account belonging to one of your company’s executives or a known supplier/trading partner – are common tactics used to direct your legitimate supplier payments to a criminal recipient.
It is essential that you verify any email payment requests with new or changed payment instructions verbally with the requester using a known contact telephone number. Do not attempt to confirm the payment instruction change via email or with a telephone number provided in the email.
If you believe you may be a victim of fraud against your account(s), please contact your financial institution immediately to see what options are available if your accounts were indeed compromised.