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Companies are facing multiple, complex threats to email security. Hacked emails, fraudulent invoices, and payment instructions from impersonators of company executives, authorized colleagues, or business partners are growing at an alarming rate.
Business email compromise, also known as email fraud, is a billion-dollar crime industry that tricks employees into sending money and sharing company information.
With email fraud coming at businesses from inside and out, awareness at every level is one of your best defenses.
The FBI warns about three types of invoice fraud that could be very costly to vulnerable businesses.
Build in system controls within the IT portion of your business to map existing workflows for ACH and wire payments. Identify weaknesses that could expose you to risk.
If your business experiences fraud, immediately contact your California Bank & Trust branch or call Treasury Management Client Services at (800) 254-2265 and file a complaint with the IC3 at ic3.gov/complaint.
For information on fraud prevention services and tools, contact your California Bank & Trust branch.