While we have nothing good to say about an email scam, but we have to admit to a certain grudging admiration for their creativity. The tech industry no sooner figures out how to circumvent the latest scam when a new one shows up. Their latest scheme to defraud businesses out of their hard-earned money—the so-called CEO Email Scam—has been chillingly effective so far.
The CEO Email Scam
If you know what to look for, your business won't be the next victim of a CEO Email scam. Here's how it works:
The scam typically targets staff members authorized to transfer funds for your business. In most cases, they receive an email from the company CEO asking to approve a wire transfer. Since the email comes from the CEO's email account, the accountant or controller authorizes the transaction. When the CEO receives an email in reply to complete the process, he or she may not be alarmed if this is a typical process and the authorization arrives from someone within his organization. By the time the transfer is approved, the funds are already gone—deposited into an untraceable account belonging to hackers. Some companies may not even realize what's happened, and may even repeat the process more than once.
What You Can Do
Your business doesn't have to be continually at the mercy of hackers and scammers. Outsourcing your network to expert Managed IT Service providers gives you the peace of mind you need to concentrate on growing your business. Here are just a few of the advantages:
- State-of-the-art network support.
- The latest security options to keep ahead of potential and real threats.
- Proactive desktop and network monitoring.
- Data backup with daily email confirmation.
- Disaster recovery services to ensure business continues in case the worst happens.
To learn more about the benefits of Managed IT Services, contact us at SumnerOne today!
Originally published November 10, 2016, updated May 3, 2018