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You are here: Home / Lumber Memo / Cyber Corner: Fraudulent Funds Transfer

Cyber Corner: Fraudulent Funds Transfer

February 14, 2023 by PLM

PLM: Cyber Corner
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Organizations often use email to send their employees invoices that they need to pay. Now, cybercriminals are taking advantage of this process by using fraudulent funds transfer (FFT) scams. In FFT scams, cybercriminals try to manipulate you into transferring your organization’s funds to their bank accounts.

To start an FFT scam, cybercriminals use social engineering to steal an email account from your organization. Then, they use this account to send you an email pretending to be an executive from your organization. This email lists bank account information and states that you need to send a payment to the bank account as soon as possible. If you send this payment, you won’t be paying an important invoice for your organization. Instead, you’ll be sending your organization’s money directly to cybercriminals.

Follow the tips below to stay safe from similar scams:

  • Always think before you click! Cybercriminals can use fake invoices to alarm you and trick you into clicking impulsively.
  • Never send money to a bank account provided in an email. Instead, navigate to the organization’s official website to submit a secure payment.
  • To verify the legitimacy of an invoice, reach out to the person who allegedly sent the email by phone or in person.

Lumber Memo: Issue 1 – 2023

IN THIS ISSUE:

  • President’s Commentary
  • Cyber Corner: Fraudulent Funds Transfer
  • All Workers’ Comp Dividend Plans are Not Created Equally
  • Plumb Safety: Fire Extinguishers – Why Attention to Detail is Essential
  • The Dovetail: Issues to Watch in 2023
  • Spotlight On: Another Record Year for PLM’s United Way Campaign
  • Spotlight On: Coming Soon to PLM – HardwareXpress
  • Spotlight On: Upcoming Events List 

PREVIOUS:

President’s Commentary

NEXT:

All Workers' Comp Dividend Plans are Not Created Equally

Filed Under: Lumber Memo

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2005 Market Street, Suite 1200
Philadelphia, PA 19103

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