Private Banks Join The Call To Be Cyber Vigilant

Private banks are joining the call, urging people to be vigilant following an increase in ’email redirection’ scams.

Earlier this month, it was reported that Mr and Mrs Dudeja lost their £45,000 house deposit thanks to an email scam. Unfortunately, this  may be one of the most recent cases, but sadly it won’t be the last.

Now some of Britain’s largest banks are warning the public about the risks of being target by cyber attackers, not only through email but also via social media.

HSBC, JP Morgan and Coutts have urged clients to be wary of evermore sophisticated tactics that cyber criminals are deploying to steal their hard earned cash.

A spokesperson for Coutts said: 

“We’re seeing a dramatic rise in what’s known as ’email redirection’ scams. In these cases, fraudsters use hacked email accounts to intercept expected payment requests and change the bank details to their own account.”

Cyber crime is estimated to have cost the UK £27billion in 2018. Tougher cyber defences and regular employee training is one way to reduce this huge cost.

What can be done to reduce the chance of email re-direction fraud?

Preventing email re-direction attacks is possible, but requires cyber defences being toughened by introducing the Domain-based Message Authentication, Reporting & Conformance (DMARC) protocol.

The DMARC protocol is recommended by the Government and stops criminals from impersonating an organisation’s email address.

There are ways criminals, suppliers and the general public can check if DMARC has been implemented, and criminals are using this knowledge to great effect.

Implementing a mixture of technical and cultural competencies is a sure fire way of keeping fraudsters out. having protocols such as DMARC combined with staff training enabling them to take time to spot suspicious emails and highlighting what they should look for if they have a gut feeling that an email isn’t right, will help your business become a cyber fortress.

How much time does your IT department spend ensuring your cyber defences are up to date?