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.