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CYBERCRIME
Mark Chazan , Technical Director and Co-founder of EFTsure , a fraud detection business , mentions the laid-back attitude people have around the security of their email account : “ It ’ s not uncommon for employees to believe that their professional email account holds no real significance , as they don ’ t have any personal details or financial details on the account . However , if a criminal was to get hold of these details and impersonate that member , requesting a change of banks account details from a partnered business , this would result in the loss of a substantial sum of money from a very small amount of effort .”
When discussing broad measures to protect businesses against this fraudulent activity , the FBI found that , “ companies with an increased awareness and understanding of the BEC / EAC scam are more likely to recognize when they have been targeted by BEC / EAC fraudsters , and are therefore more likely to avoid falling victim and sending fraudulent payments .
“ Businesses that deploy robust internal prevention techniques at all levels ( especially for front-line employees who may be the recipients of initial phishing attempts ) have proven highly successful in recognising and deflecting BEC / EAC attempts .” ( FBI )
Ian Mirels , CEO and Co-founder of EFTsure , believes external supplier emails hold an even greater risk for companies . “ It ’ s easier for businesses to introduce measures to combat fraud from inter-office ( peer ) email scams , such as no longer requesting financial transfers through email .”
“ External emails from suppliers hold the real risk as employees can ’ t recognise or discern between illegitimate and legitimate requests . These emails could be imbedded with viruses and a business partner ’ s email could be compromised , or the individual could have legitimately requested a change of bank account details . You never know ,” he said .
The adoption of the necessary technology and accurate security measures is becoming more important than ever for businesses both in Australia and around the world . As technology becomes increasingly integrated and involved in day-to-day activities , so does the ability for fraudsters to take advantage of holes in business security .
Millions in Botany Bay Council funds misdirected by employees , ICAC told
Fake invoices were used to misappropriate millions of dollars of Botany Bay ratepayer funds , according to a corruption inquiry also set to examine the alleged misuse of council cars , phones , etags and fuel cards by staff and their relatives .
Counsel assisting the Independent Commission Against Corruption ( ICAC ), told Monday ’ s hearing that the more than $ 4.2 million diverted through fraudulent invoices by council ’ s former chief financial officer Gary Goodman and others was just the tip of the iceberg .
“ These amounts are only for the period from the beginning of 2009 ,” Sydney silk Murugan
Thangaraj said . “ ICAC has evidence of false invoicing stretching back to 1997 .”
In his opening address , Mr Thangaraj told the inquiry that of more than $ 4 million in misdirected funds , $ 1.9 million was paid directly into accounts associated with Mr Goodman .
In some instances , it is alleged Mr Goodman created fraudulent invoices “ complicit with a contractor ”, while in others Mr Goodman ’ s bank details were substituted on invoices issued in the name of companies no longer working for council .
( Source : www . smh . com . au )
GOVLINK » ISSUE 2 2018