Victoria Police are warning businesses after an increase in the i-Business E-mail Compromise scam.
The scam works like this. Someone in a company's accounting or financial office is targeted. The scammer sends a realistic looking email requesting an urgent wire transfer to settle an account or pay an invoice. They will stress the urgency or confidentiality of the wire transfer. The latest investigation saw a local company hit for $50,000.
Police say there are a number of ways to prevent this type of scam. Carefully examine the properties of the e-mail address making the request as often one letter is off or a period inserted.
Police also recommend setting up multiple approvals for wire transfers or limit the amount of employee information that is available on line. Often the scammers get information on their victims from social media or company websites.