Business Email Compromise

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Business email compromise, also known as CEO impersonation fraud, is a type of fraud where the fraudster pretends to be a senior executive from your organisation. They will send an email to an employee to try to trick them into doing something, like making a payment to either an existing or new client or supplier.

Vendor Email Compromise

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Vendor email compromise is a variation of business email compromise where fraudsters hack business email accounts of reputable vendors to place large orders of products with their suppliers or to issue fake invoices. Where the supplier ships the products ordered prior to receipt of payment, they are left with a financial loss as the payment is then not made by the fraudster. The fraudsters may issue fake invoices for payments that are actually due – but they have changed the bank account details on the invoice to an account controlled by the fraudsters.

Ransomware

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Ransomware is a type of malware that prevents the victim from accessing many files on their computer and on any file shares they are connected to. It is usually downloaded via a link in an email, on a website or on social media. Once downloaded, it encrypts all data files on the computer and a blocking screen then appears, demanding a ransom payment to allow the files to be released.

Payment redirection fraud

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Payment redirection fraud is where fraudsters pretend to be a supplier or service provider for your business in order to trick you into changing bank account payee details. They contact you to tell you that their bank account details have changed and to ask you to send all payments to a new account. This is an account controlled by the fraudster.

Protect your business technology

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It is important that you properly protect all of your business technology, including mobiles, tablets, laptops and computers . This will help safeguard them against the potentially serious consequences of fraud.

Cheque Overpayment

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Fraudsters sometimes target legitimate sellers of goods or services by posing as new customers and placing an order. The fraudster typically pays the seller a higher amount than agreed ‘by accident’ by cheque or bank draft in a bank branch. The fraudster then pressurises the seller to return all or some of the payment online as quick as possible. Meanwhile, the original cheque or bank draft is rejected as it is usually forged or counterfeit. However, the money returned by the seller will have already been paid directly into the fraudster’s account.