Fraudsters constantly evolve their hacking tactics to gain access to sensitive information and then to leverage the information for illegal purposes.
A favored and subtle method hackers deploy is to hack an email and then monitor the communication flows with the objective to selectively alter emails to commit fraud.
What does this mean?
Let’s say you are a US importer with a new supplier in France. You order product and the French supplier sends you their banking information by email so you can pay the Euro invoice. A hacker monitors these communication flows with the objective to swap out legitimate banking details with their own bank account information and to insert the altered bank information into a legitimate transaction. If you receive banking information from a foreign supplier by email how do you know the information is legitimate? The fact is you don’t know.
What should I do?
Here’s a simple but effective solution that seems a bit funny in the digital age. If you receive an email with banking information from a foreign supplier pick up the phone and call them to verbally verify the banking details. That’s exactly what Tempus does anytime you send us new banking information.
Try this tactic and you’ll drive the hackers crazy!