Don't Let a Fake Email Become a Real Loss

Cybercriminals are constantly evolving their tactics, and one of the most effective scams targeting businesses today doesn't involve breaking into your bank account. Instead, it relies on tricking someone in your organization into willingly sending money to the wrong place.

This type of fraud is known as Business Email Compromise (BEC), and it continues to be one of the most costly forms of cybercrime affecting businesses of all sizes.

What Is Business Email Compromise?

Business Email Compromise occurs when a fraudster sends a highly convincing email that appears to come from a trusted source. The email may look like it's from a vendor, customer, executive, attorney, or other business partner.

The message typically creates a sense of urgency and requests an immediate action, such as:

• Updating payment instructions
• Changing banking information
• Processing an invoice payment
• Sending a wire transfer
• Purchasing gift cards on behalf of leadership

At first glance, everything may seem legitimate. The company logo is there. The sender's name looks familiar. The request appears reasonable.

But one fraudulent email can lead to a significant financial loss.

Why These Attacks Work

Cybercriminals understand that businesses move quickly. They know employees are busy, deadlines are tight, and payments often need to be processed immediately.

By creating urgency and pretending to be a trusted contact, scammers hope to bypass normal verification procedures and encourage employees to act before they stop to question the request.

Unfortunately, once funds are sent through a fraudulent wire transfer or ACH payment, recovering the money can be difficult.

Three Simple Steps to Protect Your Business

The good news is that many Business Email Compromise attempts can be prevented through strong internal controls and employee awareness.

Before changing payment instructions or sending funds:

1. Verify Requests by Phone

If a vendor, customer, or executive requests new payment instructions, independently verify the request using a trusted phone number already on file. Do not use contact information provided in the email itself.

2. Require Dual Approval

Implement a dual-approval process for wire transfers and other high-risk payment activities. Having a second person review and approve transactions can help identify red flags before money leaves your account.

3. Never Rely Solely on Email

Email alone should never be considered sufficient verification for changes involving money movement, payment instructions, or sensitive financial information.

A simple two-minute phone call can prevent a six-figure mistake.

How Georgia Banking Company Can Help

Protecting your business extends beyond managing accounts and processing transactions. At Georgia Banking Company, we work with businesses to help strengthen financial controls and reduce exposure to fraud.

Our Treasury Management professionals can help you:

• Review payment and approval processes
• Establish dual-control procedures for wire transfers
• Implement fraud mitigation tools
• Enhance account monitoring and alerts
• Educate employees on common fraud schemes and emerging threats

As cybercriminals continue to become more sophisticated, having the right banking partner can help your business stay one step ahead.

Stay Vigilant

Technology plays an important role in security, but one of the strongest defenses against fraud remains awareness. Taking a moment to verify a request, ask questions, and follow established procedures can protect your business from significant financial loss.

Georgia Banking Company's team can review your current situation and help evaluate payment processes, approval controls, account alerts, and fraud-mitigation tools.

Contact a Bold Banker today to learn more about protecting your business from email fraud and other financial threats.

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