Sophisticated Bank Frauds Targeting Employers

Multiple instances have been reported in which callers purport to be from the employer’s bank and relay accurate information about account numbers, recent transactions and logins, and even authorized signers, etc. While those calls are in progress, emails or texts – sometimes multiple – are received by the person receiving the call as a distraction. One email requested login information; others were simply distractions. Somehow, in at least one case, unauthorized persons were added as account custodians, immediately after which, numerous transfers were logged. The company alerted the bank, and most were believed to have been frozen. 

Bottom line: scammers have become even more skilled and devious. (It is unknown how they obtained the detailed company information they used.) Employees should be alerted to notice anything suspicious about calls, terminate them and notify managers. One piece of advice is that employees with financial responsibility should be given a dedicated contact number for the company’s bank they can use to authenticate requests.