Busi­nesses warned

The Glengarry News - - News -

Take care of your in­for­ma­tion. That is the mes­sage from the On­tario Pro­vin­cial Po­lice (OPP) Anti-Rack­ets Branch and Cana­dian Anti-Fraud Cen­tre (CAFC) who are warn­ing On­tario busi­nesses and mu­nic­i­pal of­fi­cials to be wary of two scams.

In the “Busi­ness Ex­ec­u­tive” scam, also known as the “Busi­ness Email Com­pro­mise,” the mark re­ceives an email that ap­pears to come from an ex­ec­u­tive or su­per­vi­sor in his or her own com­pany who has the au­thor­ity to re­quest money trans­fers.

In some cases, the fraud­sters cre­ate an email ad­dress that mim­ics that of a chief ex­ec­u­tive of­fi­cer or chief fi­nan­cial of­fi­cer or the fraud­sters have com­pro­mised and used the CEO's or CFO's ac­tual email ac­count. The spoofed email mes­sage is then sent to an em­ployee who is au­tho­rized to con­duct wire trans­fers. The email in­di­cates the “ex­ec­u­tive” is “work­ing off-site” and has iden­ti­fied an out­stand­ing pay­ment that needs to be paid as soon as pos­si­ble. The “ex­ec­u­tive” in­structs the pay­ment be made and pro­vides a name and a bank ac­count where the funds -- gen­er­ally a large dol­lar amount -- are to be sent. Po­lice re­port typ­i­cal losses in ex­cess of $100,000.

In the “Card Not Present” scam, On­tario busi­nesses are tar­geted by fraud­sters who claim to rep­re­sent a reg­u­lar sup­plier or an ex­ist­ing con­trac­tor. The scam tar­gets busi­nesses that have ex­ist­ing re­la­tion­ships and ac­counts with sup­pli­ers, whole­salers or con­trac­tors. The scheme usu­ally in­volves a spoofed email in­form­ing the buy­ers of a change in pay­ment ar­range­ments. The email no­tice pro­vides “new” bank­ing de­tails and re­quests that fu­ture pay­ments be made to this “new” ac­count. Fraud­sters are also call­ing lo­cal busi­nesses and pro­vid­ing stolen credit card in­for­ma­tion in or­der to make large pur­chases.

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