Ever feel like you hear about new internet scams every week? Well, you’re not wrong. As Artificial Intelligence advances and hackers become more crafty, more companies are falling prey to the latest phishing scams. To stay on top of current scams and keep your company’s data secure, be sure to work with an IT solution company like Summit IT Solutions. In this article, our experts will share details on the latest internet scam we’ve been seeing as well as answer questions such as:
- How do you know if an email is real?
- What red flags should I look for when I receive an invoice request?
- How can I protect my business from recent email scams?
- How can I report these threats?
What’s Happening?
Scammers have a plethora of resources that tell them who to target and how. Recently, we’ve been seeing high-ranking individuals (President, CEO, COO) receiving completely plagiarized email threads that supposedly show them agreeing to pay a trusted vendor’s invoice.
These current scams are tricky because they seem so real. The fabricated conversation uses official company emails, presents a conversation thread that appears realistic, and involves a vendor that the company has used in the past. So, if a company’s COO opens an email that makes them think they’ve agreed to pay a familiar vendor and simply forgot – it’s plausible that they will fall for the scam and put their company at risk.
To prevent this kind of risk, every company should be equipped to navigate cybersecurity threats and implement strong protection strategies.
How These Scams Work
The first step to safeguarding your company from the latest phishing scams is to understand how these scams work. The current attacks we are seeing utilize clever tactics that may catch busy employees off guard. This is how scammers will try to take advantage of you and your team:
- Cybercriminals will impersonate trusted vendors.
- They will use company logos, signatures, and official emails to add validity to the correspondence.
- Attached to the email will be a correspondence history that appears legitimate.
- They will send urgent requests for payment in hopes of causing confusion and stress.
- The included links for payment will likely lead to phishing sites, malware downloads, or other untrustworthy destinations.
With online invoices being the standard for many company vendors, it may be easy to lose track of payment status. But it is crucial for your team to stay vigilant of cybersecurity attacks by looking for red flags – especially if someone is requesting payment. Continue reading to learn more about those red flags and how to safeguard your business from these threats!
Red Flags to Watch Out For
Protect your company from new internet scams by knowing the tell-tale signs of attackers. Send this article to your colleagues so they know to look for these red flags:
- Unexpected Invoicing Requests
Do you normally receive invoicing requests or do they go to a billing department? Does the invoice reminder seem out of left field? Listen to your gut if you have a question about a payment request and dig a little deeper. Don’t complete the payment without triple-checking, especially if this email fails to follow your company’s standard billing procedures. - Unfamiliar Email Addresses
Look very closely at every email address included in the thread. Often, scammers will make barely noticeable changes to an official company email in hopes that you won’t detect the inaccuracies. Double-check every email and give someone a call when you’re unsure if it’s really them. - High Pressure Language
The vendor included is likely someone you have a previous relationship with – so ask yourself if it’s normal for them to use high-pressure language when requesting invoice fulfilment. Most professionals are unlikely to email you out of the blue demanding payment, so slow down if you feel like something seems off. - Questionable Attachments or Links
Take a look at any links or attachments included in the email. Scammers likely included untrustworthy attachments or malicious URLs. If the link doesn’t include the address of a familiar website, do not click it. If you’re unsure about the links, but the email checks the box of the first three red flags listed above, it’s safe to assume any attachments are untrustworthy.
How to Protect Your Business
Once you understand the signs of the most recent email scams, you and your company can learn how to tell if an email is from a cybercriminal. Make sure your colleagues are fully trained on how to handle any questionable emails by taking the following steps.
Verify Requests
If you ever have even the slightest hesitation about an invoice, take the time to fully vet the request. Speak with your billing department or anyone involved in accounting at your company to verify the payment. Additionally, call the vendor who is making the request to make sure you are both on the same page.
Verify Sender Details
Double-check all the information you have about the sender to ensure they are legitimate. Slowly check the spelling on their email, compare email signatures to past emails to look for any slight discrepancies, and consider whether the tone in the conversation seems off. If any of those aspects raise red flags, pick up the phone and do some more digging.
Never Download Unknown Attachments
As goes for all potential phishing scams: do not download any attachments or click any links. Scammers are counting on you to rush through emails and click on attachments without thinking about it. Don’t fall prey to their trick – slow down when reading emails so you aren’t caught off guard by cybersecurity threats.
Educate Your Team
Ensure every employee at your company has a strong understanding of how to spot current scams. By simply sending them this article, you can potentially save your company from losing money and compromising data. Consider holding regular seminars to share how the latest phishing scams are changing with the growth of technology and AI. Some companies even send fake phishing emails to test their company, tracking who clicks on links that should be suspicious.
Report Suspicious Activity to Your IT Department
Immediately report any suspicious activity to the IT Department or your company’s information technology firm. They will be able to dig deeper into the threat and alert other employees of similar threats.
If your company doesn’t already have a managed service provider, now is the time to partner with one. Companies like Summit IT Solutions offer valuable managed IT services, providing 24/7 monitoring and support, advanced cybersecurity, cost savings over an in-house IT team, and more.
Protect Your Business With Summit IT Solutions
Keeping up with new internet scams can feel overwhelming when you are already busy with your actual job. Partner with Summit IT Solutions to protect your company from fake email invoices and whatever scam comes along next week. Contact us today to learn how we can safeguard your company from cybersecurity threats.