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It is our goal to keep you informed of the latest techniques cyber criminals have developed to jeopardize the security of your company’s financial transactions. There is a rapidly growing “Business Email Compromise Scam”1 that has affected thousands of small and large businesses, resulting in significant financial loss.
Please share this information with officers and employees at your business that are able to initiate and/or conduct financial transactions. If you believe your account information has been compromised, please contact Mechanics Bank immediately at 800.797.6324.
Fraudsters penetrate a company’s network using a spear-phishing attack and/or malware to observe its vendors, billing systems, the CEO’s style of email communication and travel schedule. This information is then used in a scam designed to deceive company employees and vendors who are responsible for executing financial transactions into wiring funds to accounts that are controlled by the fraudsters. Businesses that pay invoices to foreign suppliers as well as fiduciaries that regularly send wire transfer payments are most commonly targeted.
The Federal Bureau of Investigation (FBI) identifies 5 primary versions of the scam:
For complete information about the “Business Email Compromise Scam”, other internet crime schemes and internet crime prevention tips or to file a complaint, visit the Internet Crime Complaint Center (IC3) website.
1. Business Email Compromise: The 3.1 Billion Dollar Scam, Internet Crime Complaint Center (IC3). Federal Bureau of Investigation, June 14, 2016. https://www.ic3.gov/media/2016/160614.aspx
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