BUSAIRNTESS
Beware of Fraud
in COVID-19 Era
Bryan Boudreaux, SVP, Manatee County
Market Director, and Blaine Morrison,VP,
Credit Sr. Manager, The Bank of Tampa
Government agencies including the
FBI are reporting a rise in fraud
attempts correlated with COVID-19.
Many fraud attempts targeted
individuals at the beginning of the pandemic,
but the financial community warns that
fraudsters are now setting their sights on
businesses. The most common scheme
reported in the age of COVID-19 affecting
businesses is Business Email Compromise
(BEC). BEC is a phishing scheme in which
fraudsters spoof a business partner’s email
address or account, pose as the trusted
client or vendor, and ask the business to
redirect payments to a new or different
account number via ACH or wire transfer.
If the employee does not recognize this as
a fraudulent request or does not perform
validation steps, fraud may ensue and the
entity could be out thousands of dollars. By
the time the company realizes that fraud has
occurred, the fraudster has already illegally
transferred the funds and shut down the false
account, leaving the business with no means
of recouping the lost funds.
Fortunately, there are actions you can
take to protect your business from fraud
attempts. The Bank of Tampa encourages
businesses to implement protocols and
verification processes aimed at discovering
fraud attempts early and stopping them
before they occur. More specifically, to
avoid BEC scams, The Bank of Tampa
recommends that businesses scrutinize
emails closely and confirm payment
details by calling a known telephone
number before submitting a wire request
to a financial institution. Businesses
should be especially wary of any email
directing payment to a new account
number or offshore account. If you believe
your business has been a victim of fraud,
notify your financial institution and local
law enforcement immediately. 9
EDITOR’S NOTE: The Bank of Tampa fraud
team would be happy to discuss the best fraud
prevention practices with you. Please contact
our Client Service Center at (813) 872-1200.
The Bank of Tampa | Member FDIC
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