Hackers are becoming increasingly sophisticated when it comes to gaining access to your email accounts. This can make it difficult to distinguish between malicious messages and genuine communications, leading to the transfer of funds to an unauthorised bank account rather than to the intended recipient.
A malicious person, disguised as a trustworthy entity, often tricks you or one of your unsuspecting employees into opening a well-crafted and convincing email, link or text message. These links may direct users to enter their login details or other sensitive information into a fake website or application or contain other potentially intrusive software such as viruses and ransomware.
Once a person gains access to your login credentials and email accounts, they can view all the emails you have sent and recieved from a third party including those regarding the transfer of funds. From there, these malicious operators can send emails pretending to be a third party and deceitfully request you transfer the money to their bank account rather than to the intended recipient. These funds will now be directed to a fraudulent account.
If you find yourself in the situation where you have been scammed into transferring funds into an account that was not intentional, it is essential to act quickly.
Contact your bank and the bank that you transferred the funds to by mistake as soon as possible after the incident has occurred. The earlier you contact the banks, and the more detail you can provide them (for example the date, amount and account details), the better your chances are at recovering the lost payments.
There are many ways you can take action to help prevent incidents like the above from happening to you, such as:
Before transferring money online:
Quanta provide innovative insurance solutions and an expansive product offering. For more information on how Quanta can help or to speak to one of the specialist underwriters in our team, please give us a call on (02) 9225 4111.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Quanta directly.
Article content based on an information flyer that was prepared by HBA Legal for Quanta Insurance Group Pty Ltd ("Quanta")
Found this article helpful? Share it using the links below.