BBB: What should you do if your organization has lost money to a BEC fraud?

 
What should you do if your organization has lost money to a BEC fraud?
 

According to the Better Business Bureau study of Business Email Compromise Scams:

  1. If an organization finds that it has been a victim of a BEC fraud, it needs to immediately call its bank to stop the payment and report it to the FBI in the U.S. or the Canadian Anti-Fraud Centre in Canada. If a report is filed within 48 hours, there is a chance the money can be recovered.

  2. Complain to the FBI’s Internet Crime Complaint Center. IC3 also asks people to report unsuccessful BEC attempts as well. Information from attempts may help establish patterns or identify mule bank accounts.

  3. Complain to the Canadian Anti-Fraud Centre: 1-888-495- 8501.

  4. Report fraud to BBB Scam Tracker.

We are recommending two more:

  1. If the threat impersonated the IRS: phishing@irs.gov.

  2. Vendor Maintenance Training to protect against fraudulent payments:

BEC Scammers Turn to Aging Reports in New Twist

BEC New Twist.jpg

Don’t be tricked to giving your AP Aging Report - they are gold to scammers. Read the post from Info Security here.

Add authentication techniques, internal controls and best practices to reduce the potential for fraudulent payments.