FBI Renews Warning About Phishing Scams

The FBI has recently issued a renewed warning about what it calls the Business Email Compromise, a scam being used against companies that use wire transfers for payments.

Just like many breaches, this scam usually starts with socially engineered phishing.

Phishing occurs when someone receives an email that lures him or her into downloading an attachment with malware. It also occurs when the unwitting receiver clicks on a link within the email that automatically downloads malware that enables the hacker to steal all of the information from the computer.

The Business Email Compromise is a major issue around the world, and it’s not just an issue for big banks and companies. Small and medium size companies and banks are becoming targets of this scam. Worldwide losses attributed to this scam between October 2013 and August of 2014 accounted for more than $1.2 billion.

So what should companies do to protect themselves from these scams?

Make sure that your employees have the training and education needed to spot a phishing email and what to do if they encounter one. In a recent phishing test, 67 percent of bank employees failed. Testing and training can go a long way to protecting your bank and your customers from phishing.

If you’d like to learn more about how ITPAC can help ensure that you have the protocols, testing, and training in place to protect your bank, give us a call today.