In collaboration with our sister company, Tech4DC
On IT Professionals Day, we celebrate the brilliant minds behind the scenes who ensure that our technology runs smoothly and our businesses thrive. These unsung heroes handle everything from cybersecurity to system upgrades, making sure we’re always one step ahead in the digital age.
But as we celebrate our IT teams, it’s also the perfect time to reflect on the best practices that keep them—and your business—operating at peak performance. Your IT team is constantly battling evolving cyber threats. From deceptive emails to sophisticated social engineering ploys, cybercriminals are using complex strategies to carry out their scams. Here is how recognizing different scam strategies can keep your business safe and also make life easier for the tech wizards who keep things running.
In this featured article, we explore the intricate and evolving landscape of Business Email Compromise (BEC) scams, revealing the newest tactics employed by cybercriminals to exploit individuals and organizations. We also take a close look at real estate scams—a critical issue for anyone in the market to rent or purchase property.
BEC Scam Strategies
Business Email Compromise (BEC) scams are a sophisticated type of cybercrime where attackers pose as trusted members within an organization or a known third-party to trick employees into transferring money or giving them access to sensitive information.
Unlike typical phishing attacks, BEC scams specifically target individuals, using complex, multi-step strategies.
In a specific type of BEC scam that is currently circulating, fraudsters send a message with a fake email chain that appears to show a history of correspondence between the user and an employee of a familiar third-party company. The scammer replicates the company’s email template, complete with logos and disclaimers, and includes surprisingly specific details, such as a recent purchase or subscription. The fraudster may introduce themselves as a member of a department like customer service.
To avoid falling victim to BEC scams, consider taking the following steps:
Verify Email Addresses: Always double-check the sender’s email address, especially if the request involves sensitive information or financial transactions. Look for slight variations that might indicate a fake email.
Use Multi-Factor Authentication (MFA): Implement MFA for email accounts and other critical systems to add an extra layer of security.
Verify Requests: Always verify any request for money transfers or sensitive information through a secondary communication channel, such as a phone call to a known number.
Be Cautious with Links and Attachments: Avoid clicking on links or downloading attachments from unsolicited emails. These could contain malware or lead to phishing sites.
Monitor Financial Transactions: Keep a close eye on financial transactions and set up alerts for unusual activities.
Secure Email Accounts: Use strong, unique passwords for email accounts and change them regularly. Ensure your email system has robust security measures in place.
Report Suspicious Activity: If you suspect a BEC scam, report it immediately to your IT department and the appropriate authorities.
Real Estate Scams
Real estate scams are increasingly targeting homebuyers, sellers, and renters, resulting in significant financial losses. Below are four common real estate scams and protective measures to avoid them.
Deceptive Wire Transfers
How it works: Scammers execute timely BEC attacks to intercept wire transfers related to property purchases. They impersonate one of the involved parties (such as the buyer, lawyer, or mortgage issuer) and provide their own account details for the funds to be transferred.
Protection: To protect against these scams, use secure communication, verify payment instructions through trusted channels, and confirm details in person. Report any suspicious messages and notify the person being impersonated.
Rental Listing Scams
How it works: Scammers post fake rental listings at attractive prices to entice users into sending money to secure the rental before viewing it.
Protection: To protect yourself, verify property details, avoid making unsecured payments, and always inspect properties in person.
Deed and Title Fraud
How it works: Fraudsters can transfer property ownership without consent by stealing the owner’s identity or using a fake title to sell the property to an unsuspecting buyer.
Protection: To safeguard against these scams, regularly monitor your property titles, consider purchasing title insurance, and ensure your personal information is secure.
Mortgage and Foreclosure Relief
How it works: Scammers offer relief services for small fees but fail to deliver on their promises.
Protection: To protect yourself, research the organization thoroughly, use legitimate sources, avoid making upfront payments, and report any suspicious activities.
Data Breach Leads to Scams
Scammers are capitalizing on a recent data breach by making websites claiming to check if a user’s social security number was impacted. When a user enters their information on one of these fake websites, their data goes to the scammer. While there are some legit websites that check if your data has been leaked, it is best to avoid entering your social security number into random websites. Instead, check your credit reports for unexpected activity. Reach out to the major credit bureaus and notify them if you notice any suspicious activity.
Fake Invoice Imposter Scams
Cybercriminals are adding fake invoices to emails. The fake invoice urges the user to call the number provided to dispute the charge made on their account. The scammer then claims they accidentally sent too much money for the refund and asks the user to send the larger amount back to them in Bitcoin. Use caution with unsolicited emails about account issues. Go directly to the account or look up the company’s customer service number instead.
By staying vigilant against ever-evolving cyber threats and implementing best practices, you not only streamline operations and bolster security but also ease the burden on the dedicated IT professionals who keep your business running smoothly.
SovranHR and our sister company, Tech4DC, are here to help your team stay productive and cyber safe. Learn more about effective strategies today.
© 2024 SovranHR and Tech4DC. May not be used for reproduction purposes in any way (e.g., to republish in a book or use for a commercial purpose) without SovranHR and Tech4DC’s permission. To request permission for specific items, please contact us.
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