Protect your business from online fraud

Criminals are increasingly impersonating financial institutions to target corporate accounts. This tactic, commonly known as phishing, is no longer limited to just email. Fraudsters are using text messages, social media and messaging apps to trick businesses.

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These fraudsters aim to gain member trust, harvest login credentials, and/or direct members to authorize high-value transactions. These incidents primarily target corporate accounts, with transaction amounts typically just below $10,000. Once the fraudsters gain access to a corporate account, they quickly disperse funds to multiple recipients.

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How to protect yourself and your organization

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The best way to protect you and your business is to maintain heightened vigilance and implement enhanced safeguards. Phishing is always evolving, but there are steps you can take to stay safe.

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The Government of Canada’s Get Cyber Safe blog, in collaboration with the National Cybercrime Coordination Centre, offers the following tips and suggestions for Canadian businesses to protect themselves from online fraud:

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• Think before you click – don’t open unexpected attachments or click on links, even if they look official.

• Verify requests – if you receive an urgent request for payment or sensitive information, confirm through a separate channel before acting.

• Enable multi-factor authentication (MFA) – even if your password is stolen, MFA adds another layer of protection.

• Update your software – many phishing attacks exploit outdated systems.

• Train regularly – businesses should provide ongoing phishing awareness training to employees.

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For more information on topics such as phishing, how and why to use MFA and other important online safety tips, please refer to the Safe Banking section of Cambrian’s financial literacy blog.

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