VicPD Financial Crime detectives are warning local businesses after investigators noted an increase in the “Business E-mail Compromise” scam.
The scam is sophisticated and begins when an employee in accounting or someone in a financial position within a company is targeted by somebody posing as the CEO or a high-ranking employee.
The scammer initially sends a realistic e-mail requesting an urgent wire transfer to settle an account or pay an invoice or secure a business deal. Often they will send a realistic looking invoice or bill and will stress the urgency or confidentiality of the wire transfer.
The latest investigation saw a local company send $50,000.
“There are a number of ways companies can prevent this from happening to them,” said Financial Crime Sgt. Brent Keleher. “Carefully examine the properties of the e-mail address making the request as often one letter is off or a period is inserted. Also, establish a process that requires multiple approvals for wire transfers and limit the amount of employee information online. Often the scammers get information on their victims from social media or company websites.”
If you believe that you have been a victim of a scam, contact the bank immediately to freeze the wire transfer and advise that you have been a victim of fraud. The sooner that the scam is identified and reported, the stronger the likelihood that money may be recovered.
It is also important to report it to your local police agency. In Sooke, the RCMP can be reached at 250-642-5241.
For more details on this scam and ways to protect yourself, visit the Anti-fraud centre online.
Other scam alerts
- Millennials account for half of all scam victims, Vancouver police launch NanaSays
- Are you one of the 101 million email accounts compromised via Ebrite, in a 2013 breach identified in 2019?
- BCSC wins in U.S. court to enforce order against fraudster
- Better Business Bureau’s top 10 scams of 2018
- Online dating – know what you’re signing up for
- Cyber fraud affecting businesses in the West Shore
- BC Hydro warns customers about scams after record number of attempts to defraud in 2018
- Crackdown in Mumbai has big impact on CRA tax scam
- Public warning as email-based “sextortion” scams reported
- Pornography scam uses your username and password information to extort bitcoin payment
- Emergency scam with a concerning variation
- New scam strikes with a new slick twist
- RCMP issue reminder that “gifting clouds,” aka pyramid schemes, are illegal
- Business directories: Double-check before writing them a cheque
- Scammers are at it again, this time threatening legal action
- A special prize just for you? Don’t be fooled into believing you are a sweepstakes winner
- March is Fraud Prevention Month: Here are some safety tips
- Fraud awareness: Merchants beware of counterfeit credit cards
- CRA scam prompts warning from detectives
- Don’t fill their wallets with gift cards
- Sooke RCMP issue CRA phone scam alert
- ICBC warning customers of text message scam
- No the CRA won’t tell you to e-Transfer Bitcoin or pay in iTunes cards
- Business e-mail compromise scam prompts warning
- Compromised image extortion trend leads to police warning
- LETTER: Scammed Sooke senior shares this randsomware story
- Envelope theft: Protecting yourself on your special day
- SCAM Reminder: CRA does not do transactions with links!
- Know your customer; Or, Don’t send speeding scam to RCMP
- Public warning issued after similar frauds lead to significant losses