Tag Archives: Payments

Internet Crime and the Email Compromises – Be Aware – Beware! – For All

 

 

This is an article published by the Trustmark Bank America in their Security watch letter. 

For those who are not aware of how easy it is to be hacked or blackmailed read this and you will realize you need to be very cautious about what emails you open. I know I get emails from friends in my contact list  that have died. I get bogus emails with names of my friends or acquaintances as the sender. If that is the case I always, yes always check the email address before I open it.

So I suggest you read both these articles as they could save you a lot of money and inconvenience.

 

Security Letter – Trustmark – 07/31/2017

According to the FBI internet crime complaint center business email compromise (BEC) schemes have caused at least 5.3 billion in total losses over the past three years to approximately 24,000 organizations around the world. The average loss per victim is about $218,000. Companies of all sizes and types are targeted leaving long wake of financial and emotional damage

Scammers go to great lengths to research and target employees who work with company finances. They often send emails posing as the company CEO and instruct their target to make funds transfers. There are many versions to this scam, including sending a bogus invoice and compromising an employees email account to gain more information, which is why it is important to understand how BEC works and to know where your vulnerabilities lie.

As devastating as this crime is its equally easy to avoid being exploited.

  1. Carefully scrutinize all emails. Be wary of irregular emails sent by high-level executives. They can be used to trick employees into acting with urgency. Review and verify emails that request funds transfers.
  2. Raise employee awareness. Educate employees about cybercrime and how they can help protect the company. Review company policies and encourage employees to develop good security habits.

 

  1. Verify any changes in vendor payment location by using a secondary sign off by company personnel

 

  1. Stay updated on customer habits including the details and reasons behind payments.

 

  1. Verify requests. Confirm request for funds transfers by using phone verification as part of two-factor authentication. Use previously known phone numbers, not the phone numbers provided in the email.

 

  1. Report any incident immediately to law enforcement for file a complaint with the IC3.

 

A complete list of self protection strategies is available on the US department of justice website.

If you or your company have bee victimized by a BEC scam, its important to act quickly. Contact your financial institution immediately and request that they issue a swift recall of the transfer. For domestic transfers ask you financial institution to send a ‘hold harmless’ letter to the beneficiary bank. Always file a complaint with IC3 whether the attack has been successful or not.

 

Now this next article is a must read

 

Ransomware

Ransomware Is a type of malicious software (malware) that freezes your computer or mobile device until a sum of money is paid. It can destroy personal and business files leading to stolen data and large financial losses.

  • KNOW

Ransomeware attacks – especially those that target small businesses – are evolving a complexity and are on the rise.

All devices are vulnerable but more and more mobile attacks are being reported.

Criminals collected $209 million in the first quarter of 2016

$1 Billion + in losses is projected from ransomware attacks in 2016 alone according to the FBI

Ransom fees vary from $200 – $10,000

  • IDENTIFY

Ransomware targets a specific individual within a business, or a consumer with a link or attachment that infects the computer with malware or leads the individual to an infected website. Three ways ransomware can take shape are:

  1. Spear phishing emails.

The sender appears to be someone you may know or someone relevant to your business

The message is often personalized and may include your name as a reference to a recent transaction.

  1. Advertisements or pop-up windows.

Your computer freezes and a popup message appears.

The message may threaten a loss of your files or information, or may also tell you that your files have been encrypted

  1. Downloadable software

Ransomwae is also present in downloadable games and file sharing applications.

Once the PC is infected your files are encrypted and inaccessible. The fraudster demand a ransom payment in order to unlock them.

  • PREVENT

Always back up your files and save them offline or in the cloud.

Always use antivirus software and a firewall. Be sure they are set to update automatically.

Enable popup blockers

Don’t click. Be cautious when opening emails or attachments you don’t recognize – even if the message comes from someone in your contact list.

Only download software from sites you know and trust.

Alert your local law enforcement agency as soon as you encounter a potential attack

 

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Did You Know – 06/19/2017

1. That legend in the late 6th century has it that a young goat herder in Ethiopia noticed his flock were more energetic after eating the berries and leaves of an unknown plant. Monks from a nearby monastery discovered that by roasting, grinding and infusing the seeds of this plant in water a unique beverage could be obtained that would help keep them awake during long hours of prayer. Word quickly got around. Coffee cultivation began in the 15th century with arabia’s Yemen province the worlds only source for centuries. During the 18th century the dutch traders and the French started plantations though out their colonies. Later coffee was produced in the west indies, Latin America, Jamaica, India and Brazil.
Source of this information – Sunshine Coast Daily Australia.

2. Coffee facts: a. Crude oil first but Coffee is the next most sort after commodity in the world.
b. The coffee plat originated from a plateau in Ethiopia in a region known as Kaffa.
c. It is estimated that 2.25 billion cups of coffee are consumed each day worldwide
Source – Sunshine coast Daily Australia

3. If you save a dollar and then the following week 2 dollars the next $4 and so on by the end of 52 weeks you will have $1378 in your savings account.

4. To save interest on your mortgage, weekly payments are better than monthly payments. Most interest is compounded daily so if you are making payments more regularly it means the interest being calculated on the loan is for fewer days.

5. A Study from Carnegie Mellon University has shown that happy people are much likely to catch a cold

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The Value Of Paying Off Your Credit Card Debt Faster

This is a fine example of how much extra you pay on your purchases if you only pay the minimum each month on your Credit card. I know which one I would choose to pay.
So every time you buy something and put it on your credit card and just keep paying the minimum monthly payment it will give you some idea how much extra that item is costing you.

MINIMUM MONTHLY PAYMENT – OR NOT

SOURCE: VISUALISING ECONOMICS

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Saving Tip For Today « 8/20/2010

Paying extra payment on Mortgage

Save thousands of dollars by making one extra mortgage payment a year.
Apply that payment to your loans principle and save big time in the long run.

Source: Simply Fantastic: Living Better On Less

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