Email scams are on the rise and have increased 111% from 2018 to 2022, with losses totaling over $2.7 billion in 2022, according to the FBI Internet Crimes Report.
Using social engineering, email scammers gain the trust of a person they are targeting with the ultimate goal of getting the person to send money to a different person or entity than originally intended.
Here are some things you need to know about email scams, so you can protect yourself and your family.
How they target you:
Scammers will typically attempt to interject themselves into your normal every day transactions to change the destination of the funds you are sending.
Common examples include:
- Changing bank accounts for your paycheck: Scammers will frequently email your employer, stating they are you, telling your employer that you have changed banks and you want your paycheck deposited in a different bank account.
- Real estate closings: Scammers will impersonate the identity of the title/real estate agent, or closing attorney, and send different payment details.
- Vendor impersonation: They can also pose as representatives of a company or government agency and advise that an invoice must be paid immediately to avoid a negative consequence. They often ask for a wire transfer to a fraudulent bank account or other means of payment, such as a check or ACH transfer.
- CEO/executive impersonation: Scammers will also impersonate the CEO or executive of a company. They request that an employee within the accounting or finance department transfer funds to an attacker-controlled account.
- Wire transfers: Wire transfers are a great way to send large sums of money quickly, however, they are a big target for scammers. If you are sending money via wire transfer, go into your bank to fill out the paperwork necessary to complete the wire transfer. Many times, banks and title companies will then call the person sending the wire (you must have a known phone number on file) to confirm the instructions are from you and that they are accurate.
What to know and do:
Knowing what to do and what to look for is critical to avoid becoming a victim of an email scam.
Account changes: Always verify and confirm details with the parties involved, especially with messages regarding funds transfers. Some email scammers use hacked email accounts, so it’s important to use a different method to verify that the sender is not a scammer. You can call or text an associated phone number or interact on a trusted mobile app or chat channel.
Email sender validation: Scammers can also use fraudulent email addresses that closely resemble a legitimate email address that you may have been communicating with previously. The addition or removal of a single character in an email address may be difficult to spot at first glance:
- Google.com vs. Google.con: In this case, the scammer replaced .com with .con, with the letter “n” replacing the letter “m”.
- JONDOE@BUSINESS vs. JON.D0E @ BUSlNESS: For this example, the scammer used a zero instead of a capital O, and added a period in between “JON” and “D0E”. They also used a lowercase “L” in place of the capital “i”.
Urgent or priority emails: Emails may contain a header in the subject line or phrases in the content of the email, such as “urgent” or “confidential” to get your attention. If you receive an email marked urgent or confidential, please review it carefully for accuracy and reach out directly to the individual to validate the request if you are suspicious.
Remember: When in doubt, do not act.
Everyone is so busy during the holidays, people let their guard down and that is when the scammers are successful.
We want all of our clients to be safe and jolly this holiday season!