Cyber Crime, Social Engineering Real Life Example

Cyber crime and Cyber Insurance... here's a real life example of why businesses should consider this (courtesy of Northen Beaches Area Command):

"We reported yesterday on the two Beaches' businesses owners who'd been stung by this scam, one to the tune of $30,000.

It gets worse.

A North Curl Curl business owner now has reported losing close to $130,000 to email hacking scammers.

It began a couple of weeks ago when he received two emails:

- one from a legitimate home building company with which he'd been dealing - the second from what he now knows to have been a fraudulent account.

Both included tax invoices that looked identical except for different bank account details.

However, the scammers cleverly sent a follow-up, looking for confirmation their victim had received their invoice and that he'd pay into what they said was a new bank account.

He did, in installments of $50,000 & $50,000.

The scammers again cleverly followed up each payment with a confirmation of receipt email that included pressure for the account to be finalised as soon as possible.

The second asked for the final payment to be made into yet another bank account. Again, the 39-year old complied, sending the outstanding $29,283.75 to the new acccount.

So, imagine the victim's horror when he was called yesterday by the legitimate company asking about his unpaid $129,283.75 account.

It was only then he checked his emails, noticed the slight differences and realised he'd been scammed. If you receive emails requesting payment of invoices into a different back account, take the time to ring the company and check.

The cost of the phone call and a few minutes of your time could save you thousands

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