[Canada] Advice to business owners and employees on spear phishing

In Nova Scotia, the Royal Canadian Mounted Police (RCMP) has offered advice to business owners on how to recognise and avoid ‘spear phishing’ targeted email scams, RCMP reports.

Spear phishing is one of the most common frauds targeting businesses. Nova Scotians lost more than $354,000 in 2023. Canada-wide the figure was more than $58 million.

It is reportedly the country's second biggest scam, by dollar value.

Phishing involves sending a communication - commonly an email - which appears legitimate but is fraudulent. A spear phishing scam is a targeted attack on an individual, group or company. Fraudsters gain access to the target’s email and analyse their manner of writing, contacts and any recurring payments or important dates. 

The scammer reportedly uses this information to impersonate their target and emails potential victims, manipulating them into paying fake bills, sending gift cards or changing direct deposit information.

RCMP warns that such scams can take many forms; an executive requesting urgent payment to close a deal, duplicate invoices with updated payment details, or requesting the payroll department to update their bank account information. Businesses are then tricked into believing the request’s source is genuine and send money or goods directly to the fraudsters.

Businesses can safeguard themselves against phishing by educating employees about this type of scam and having detailed payment procedures. RCMP encourages companies to limit the number of employees who can purchase items or pay bills and pay close attention to unusual requests.

Employees should reportedly be wary of unsolicited emails that include a suspicious email address, unusual payment procedures, a sense of urgency or direct contact from senior executives they don’t ordinarily interact with.

Further information is available here.

Source: RCMP

(Link via original reporting)

In Nova Scotia, the Royal Canadian Mounted Police (RCMP) has offered advice to business owners on how to recognise and avoid ‘spear phishing’ targeted email scams, RCMP reports.

Spear phishing is one of the most common frauds targeting businesses. Nova Scotians lost more than $354,000 in 2023. Canada-wide the figure was more than $58 million.

It is reportedly the country's second biggest scam, by dollar value.

Phishing involves sending a communication - commonly an email - which appears legitimate but is fraudulent. A spear phishing scam is a targeted attack on an individual, group or company. Fraudsters gain access to the target’s email and analyse their manner of writing, contacts and any recurring payments or important dates. 

The scammer reportedly uses this information to impersonate their target and emails potential victims, manipulating them into paying fake bills, sending gift cards or changing direct deposit information.

RCMP warns that such scams can take many forms; an executive requesting urgent payment to close a deal, duplicate invoices with updated payment details, or requesting the payroll department to update their bank account information. Businesses are then tricked into believing the request’s source is genuine and send money or goods directly to the fraudsters.

Businesses can safeguard themselves against phishing by educating employees about this type of scam and having detailed payment procedures. RCMP encourages companies to limit the number of employees who can purchase items or pay bills and pay close attention to unusual requests.

Employees should reportedly be wary of unsolicited emails that include a suspicious email address, unusual payment procedures, a sense of urgency or direct contact from senior executives they don’t ordinarily interact with.

Further information is available here.

Source: RCMP

(Link via original reporting)