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Fraud Alert – Business Email Compromises

Cybercrime, ransomware, business email compromises, and all sorts of criminal activity are on the rise. Sadly, those committing these crimes are quite successful. That means, these criminals will continue to attack and exploit as long as there is money to gain. A recent FBI report indicates $4.2 billion dollars have been lost with 40% related to Business Email Compromise (BEC) incidents, and these statistics only represent incidents officially reported through the FBI’s cybercrime website. A BEC occurs when an unauthorized person gains access to a legitimate business email account, uses the access to monitor activities, and then sends fraudulent emails – often requesting transactions such as wire transfers, for personal gain.

If you are concerned about a BEC:

  1. Consult with your internal IT team or an outside cybersecurity consultant.
  2. Report your incident and suspicions to law enforcement. The FBI has a website (https://www.ic3.gov) specifically for reporting cybercrime.
  3. Change your computer, email, and online banking passwords immediately.
  4. Contact your banker as soon as possible so a notice can be placed on your account.
  5. If not already in place, turn on 2-factor authentication for access to your email accounts (and any other system for which you have a login)

As a community bank, Reliant cares about its customers. We encourage you to use these tips to protect yourself from this type fraud.

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