Email and other internet scams have become so widespread that just about anyone could be a target. However, being in the banking and finance sector may put your business at an even greater risk.
For financial users, the consequences of falling prey to a scam can be particularly costly, but that doesn’t mean you’re a helpless victim. Business owners can avoid these consequences by adding antifraud solutions into their security measures, which doesn’t impact the user experience and protect their end user from been scam.
What’s at Stake?
Depending on the type of scam, the consequences to your business can vary in type and severity. Some email scams trick the recipient into sending a payment, or disclosing account information, to a fraudulent party.
Others include links that download malware, which can result in the scammer gaining access to your data. An antifraud solution will guarantee in real-time whether user are who they claim to be online and are not being manipulated by Fraudsters.
Types of Scams - And How to Spot Them
A wide number of scams fall under the phishing category, but as ZDNet explains, the basic thread that runs through all phishing is that the scammer is trying to trick you into doing - or giving them - what they want. Some of these have been around for a while, like the common Nigerian investment scam, international lottery, and refund scams. These lure you in by making you think there is a big reward involved, but they are actually trying to get money from you.
There may be other phishing scams you’ve never heard of, so don’t assume that just because an email seems legitimate at first glance that everything is ok. Phishing emails aren’t always easy to spot, but CNET points out a few signs that should raise a warning. The message will often use poor grammar and spelling, and the note typically involves scare tactics and urgency.
Business Email Compromise (BEC)
Sometimes called CEO fraud, an email that falls under this category will appear to be from your company’s CEO or other high-level personnel. The “from” email address may look as though your CEO sent it, and they may also have other accurate information that makes the email seem legitimate. Similar to phishing scams, these typically ask you to pay an invoice and often convey a sense of urgency.
These can be especially tricky, but one telltale sign is if you don’t recognize the name or email address to whomever the money should be sent, or if they direct you to follow a link. Another way to guard against these scams is to establish company-wide email policies so that anyone can recognize when a request seems unusual.
Similar to CEO fraud, Lifewire explains spoofing is where the scammer has changed part of an email so it appears to be legitimate, and it may even seem to be from a company you do business with. However, if you click the link, you will end up on the scammer’s site, where they will attempt to collect information to access your accounts.
The underlying rule for avoiding all of these scams is to establish cybersecurity policies and ensure all personnel are trained in them. The tricky thing about email scams is that, as fast as we see advancements in tech innovations, scammers are getting smarter and innovating at the same time. Our job as consumers of tech devices is to keep up with them and always stay vigilant when something doesn’t seem right.