Alert: Rising Spear Phishing Scams Targeting Businesses, Ontario Police (OPP) Caution. The Ontario Provincial Police (OPP) and the Canadian Anti-Fraud Centre (CAFC) are actively educating residents in North Simcoe about the risks of various scams encountered either through telephone or online. A collaborative effort on February 2, 2024, involving the CAFC, the United States Secret Service (USSS), and a financial institution successfully froze a fraudulent transfer amounting to $615,820. This action continues the USSS’s support since 2021, aiding the CAFC in recuperating over $3 million for victims in both the U.S. and Canada.

The successful freezing of assets came after a Canadian business alerted the CAFC to being a target of spear phishing fraud, positioning the company favorably for fund recovery. Spear phishing remains a significant threat, with Canadian companies reporting losses exceeding $58 million in 2023 alone.

Spear phishing criminals meticulously gather information on their targets to craft emails that mimic communication from trusted sources. They may hack or mimic an individual’s or organization’s email, setting rules to forward incoming emails to their account, allowing them to analyze language use, and identify key contacts, payment schedules, and significant dates.

The attack is typically launched when the fraudsters spot an invoice due for payment. They might impersonate a supplier or contractor, directing the victim’s accounts payable department to transfer an urgent payment to a different bank account, often using a domain name similar to the victim’s to lend credibility to their deceit.

Alert: Rising Spear Phishing Scams Targeting Businesses, Ontario Police (OPP) Caution

To safeguard against such threats, it’s crucial for businesses to:

• Stay informed about scams targeting enterprises and educate all staff members.
• Integrate fraud prevention into the onboarding process for new hires.
• Implement thorough payment processes, including verbal confirmations for urgent or modified payment requests.
• Introduce a verification step for out-of-the-ordinary requests.
• Establish protocols for detecting, managing, and reporting fraud.
• Exercise caution with unsolicited emails and refrain from clicking on dubious links or attachments.
• Verify email addresses or links by hovering over them before clicking.
• Limit public sharing of information and be prudent with social media usage.
• Continuously upgrade and update security software.
• Familiarize oneself with additional protective measures.

Victims or those suspecting cybercrime or fraud are urged to report it to their local police and the CAFC either through their online reporting system or by calling 1-888-495-8501. Reports to the CAFC are encouraged even if no victimization occurred.

Spear Phishing – Fraud Prevention Month

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