Here’s how I will do it.
I will hack into your computer system OR the system of one of your suppliers.
I will monitor emails and contacts and find out you owe this company (insert amount here) for the legit order they sent you.
I will send an email that says “Hey (due to fraud) we changed our bank info. ACH the payment here instead of the old account.”
You will email the company and ask “Hey is this legit?”
But I am ahead of you. I will get the email and say “Yes it is”.
OR you will CALL the phone number on the email that has the new payment instructions and speak to a person to ask if it is legit. But the person you are calling is me, the bad guy. I put my phone number on the email. (Duh!) I say “Yes it is legit”.
You are satisfied and you send a huge amount of money to me. I withdraw it and close the new account.
Haha! Sucka!
Send this Think Daily to your accounting/payables team.
Don’t be a sucker!
This is a great example of how criminals are always trying to get a step ahead. Make sure you establish strong internal controls and continuously monitor them for areas of weakness.
Great reminder, Larry not just for business but also for all of us personally.