Recently there has been an emergence of an older scam rearing its head again. Hackers are using wire transfer phishing emails to trick unsuspecting employees into wiring money from corporate accounts directly into the criminal’s pockets. This greatly affects a business’s cyber security efforts.
Surprisingly, these attacks are not done by highly skilled professional criminals. Many attacks go unnoticed until it’s too late because they are not done with malware, intrusions, or password compromises. Intivix recommends companies educate their users on what these phishing email attacks look like and adopt cyber security procedures to combat them.
A Legitimate Wire Transfer
Normally, one employee is appointed as the designated person allowed to make outbound requests for wire transfers from the bank. Another employee on an executive level is designated to approve or direct these transfers. Only after the employee receives a call or email from the executive are they allowed to request a transfer from the bank. The bank, verifying the request was made from designated employee, will then transfer the funds as requested.
The Wire Transfer Phishing Email Scam
The criminals behind wire transfer phishing know how the process is supposed to work. The criminals fabricate a fake domain name that closely resembles the company’s legitimate domain name. They do research to find out who the designated employee and executive is and then send the employee an email falsely approving a funds transfer from the fake domain address. If the employee fails to catch the fake domain name, they end up wiring the funds to the criminal instead of the designated executive. Unfortunately, since the receiving accounts are normally in other countries, the lost funds are nearly impossible to get back.
Improving Cyber Security Through Intivix
Intivix installs strong network, firewall, and spam filtering protections to help mitigate the dangers of wire transfer email phishing. We set up specialized processes and filtering to catch questionable domain names before they ever reach your employees’ Inbox. We provide training to your staff about the risks of wire transfer phishing email scams and how to best avoid falling victim to one. By partnering with Intivix, you’ll gain peace of mind knowing that your assets are protected.