For some couple of days now, news trending all over the world has it that Hushpuppi whose real name is Ramon Olorunwa Abbas was arrested in Dubai before being extradited to the United States of America for fraud alias advance-fee scam.
Every day, we cannot but hear one or several cases of new high profile data leaks or cyber-attacks globally. Cyber criminals are always inventing new systems and soft wares to hatch into unsuspecting individuals, businesses and government accounts; even though technological companies are doing all they can to protect their customers’ information and business transactions online.
An increasingly common tactic used to defraud businesses and finance teams is known as Business Email Compromise (BEC). In BEC attacks, criminals use email systems to impersonate someone from within an organization, such as a manager, executive, or CEO. They then send emails to internal teams requesting that payments be made to an illegitimate vendor or bank account.
They might also impersonate an existing vendor, requesting payment to a different bank account than the one that's on file. They may also request a change to their payment information, so that future payments end up in an illegitimate account.
5 Ways to Protect Yourself Against Business Email Compromise (BEC) Schemes.
1.Watch out for impersonators
If you receive payment instructions from an employee or an executive by email, or if you receive bank account number updates to bank from a vendor by email, be sure to follow up with them or a trusted contact by phone to verify their instructions. Never rely on email alone, as it may have been compromised.
When updating the bank account for a vendor within your Bill.com account, a message is shown reminding you to verify the authenticity of the bank account number if the information was received by email.
2. Use bill approval workflows
Establish a standard bill approval policy and process within Bill.com specifying when two or more users must review and approve each bill before scheduling a payment. Having trusted team members involved will add another layer of scrutiny, and ensure that all bills and payments are legitimate.
3. Require bill images for all payments
Submit bill images into your Bill.com Inbox so they can be reviewed by approvers and payers for accuracy and authenticity.
4. Invite vendors to join our Bill.com Payments Network
Rather than gathering and updating sensitive vendor bank account information within your Bill.com account, invite your vendors to join our Payments Network so they can safely and securely update their payment information on their own.
5. Watch for unusual payment requests
Be extra vigilant with first-time vendors and international payments. Also be wary of rushed or urgent payment requests—don’t cut any corners just to meet a deadline.
For more on security updates, sign-up with our news letters or visit Bonamoh.com to talk with the experts on Cyber Security.Uche Ohiaeri
Web Developer/Internet Marketer
+234 706 838 2688