Smith & Bernards Associates Help Reduce Scams During Covid-19

Criminals were quick to capitalise on Covid-19. 3% of global spam is estimated to be Covid-19 related, 36% of people in the UK have been contacted by scammers since the start of the pandemic, according to Citizens Advice. Below are some types of fraud to look out for;

Push payment fraud

Push payment fraud is known by a variety of names, including CEO fraud, bogus boss fraud or business e-mail compromise. It’s when criminals impersonate company executives to trick employees into making payments to accounts they control. And it cost UK businesses alone nearly £140 million in 2019, says UK Finance.

Criminals are putting a Covid-19 spin on the fraud by asking businesses to transfer money to accounts supposedly at the Bank of England. We’d advise verifying all requests for transfers, bank or personal details with the organisation or individual making the request using established contact details. Do not reply to the e-mail or use the telephone numbers provided — they may be fake.
Consider introducing two-factor authentication for the corporate e-mail system to raise the bar against criminals. And be wary of what you post to social media, company websites and out-of-the-office messages. It’s easy for fraudsters to create a targeted e-mail from such information.

Advance fee fraud

Victims are asked to pay a fee upfront before receiving stock, refunds, rebates etc. The scammer collects the money and disappears. Covid-19 related advance fee frauds include selling non-existent medical supplies, landlords purporting to offer retailers a rent deferral in return for a 10% down payment, and fake offers of government assistance, grants and tax rebates.

Know the habits of your suppliers and business partners. Then you’ll stand a better chance of spotting out-of-the-ordinary requests or sudden changes to business practices. If in doubt, double-check with a colleague even when working from home. Check sender e-mail addresses by hovering the mouse cursor over them. Also check they are spelt correctly and come from a corporate account rather than a free e-mail service, such as Gmail or Yahoo.

Tech support, software and fake anti-virus scams

With more employees now working from home, businesses face a higher risk of being defrauded by phishing and malware attacks. This is when criminals send e-mails that look like they come from trusted sources, such as the IT department.
The e-mails claim that it’s time to upgrade software or anti-virus protection. But really, the criminals want recipients to click on links or open documents that contain viruses or divulge login details or passwords.

Awareness that such scams exist is half the battle. If you’re not expecting the e-mail or don’t know the sender, delete it without reading. Don’t click on links or open attachments. If you’re responsible for IT network security, consider e-mail filtering, network segmentation to protect against compromised devices and strong authentication for more secure areas.

Read full article;
- https://yorkpedia.com/2021/01/08/helping-reduce-scams-during-covid-19/
- https://smithbernards.com/news.html

Smith & Bernards Associates
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https://smithbernards.com
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Our firm has a team of attorneys, consultants and others with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through The Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions.