September 18, 2023
Business Email Compromise
Business Email Compromise (BEC) fraud is when a fraudster gains access to an email account and sends fraudulent requests from it. Similarly, scammers will often try to create email addresses that look extremely similar to a valid email address to impersonate a person or a company. They will often use these emails to request money be sent to a fraudulent account.
Avoid falling victim to one of these attacks. Any requests to send or transfer money, including vendor and bill payments, should be examined for risks.
Here are some red flags to look out for:
- Changes to previous payment methods, such as a new payee account or new wire instructions.
- Requests with urgent or threatening language demanding payment immediately.
- Poor grammar or misspellings in business communications.
- Requests from new domains that look like a known vendor but is different from previous communications.
If you receive a request with any of these red flags, remember, when in doubt, call out.
Calling to verify a request at a known phone number, including payment instructions, can significantly reduce the risk of sending funds to a scammer.
Team MVB is pleased to support your financial health and security. Don’t hesitate to reach out to us if you have questions or concerns at (844) 682-2265.