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.
How to help protect your company
- Always call the party requesting the transfer to verify payment instructions.
- Always use a phone number on file, not one provided in the request, when verifying payment instructions.
- Never confirm wiring instructions via email in case your email system has been compromised.
- Watch for changes in wiring instructions on invoices (mailed and emailed).
- Watch for slightly different email addresses, switching out or adding one letter is a successful way to make an email look legitimate. The substitution of “r” and “n” for “m” (i.e., rn) can easily be overlooked.
- Regularly remind your employees of the ongoing risk of fraud and ensure they are following procedures to help reduce your risk.
What to do if you suspect fraud
If your business experiences fraud, immediately contact your California Bank & Trust branch or call Treasury Management Client Services at (800) 254-2265, Monday through Friday, 7 a.m. to 7 p.m. and Saturday 9 a.m. to 5 p.m. Pacific Time, excluding federal holidays.