How to Recognise and Avoid Frauds and Scams

A recent report from FBI in USA shows that fraud and scams are very common. The summer period is usually a time of the year when attackers know that there are many summer interns in organizations, hence an easier target for fraud and scams. Not only organizations are being targeted as shown in the FBI report. 

For private persons it is rather common to be targets of so-called support scams, where a person pretending to come from a trustworthy organization stating that they have got an indication of some problems on your device they would like to help you to solve, after you have submitted your credit card info since this support is not part of the ordinary service from them. 

In organizations it is more common with three different types of frauds and scams, e.g., fake invoices, asking to change bank account number for payments, and fake payment ordered by the CEO. 

From time to time less honest companies are sending proposals that look like invoices, tricking people to pay them. It is usually rather low sums to avoid more in-depth scrutiny. 

A more subtle way used is to hack a mail account either an employee at the supplier side or in the organization and then use it to send an internal email to the Finance Department to change a bank account number of a supplier or buyer so that the money is transferred to the attacker’s bank account instead. 

Finally, the CEO fraud, when tricking a person, usually in the Finance Department, to make an urgent payment on behalf of the CEO. In some cases, it is also pointed out that the CEO will not be available, but a named person acting as solicitor for the deal will reach out to state the final terms of payment.