One Call Could Save Millions
Email spoofing has cost companies millions of dollars in the last few years. You can help prevent fraud losses with one simple step.
Check Before You Click
Email spoofing is the act of sending emails with a forged email address, making it appear as if the email came from a different sender than the actual source. Unfortunately, this is what happened when a County office in Iowa sent over $524,000 to a fraudster, thinking it was a legitimate request from a city to pay invoices. In fact, the city's email system had allegedly been compromised. The fraudster impersonated the city clerk, requesting that the County send funds via electronic transfer to an out-of-state bank.
One phone call from the County office to confirm the email instructions could have saved hundreds of thousands of dollars. At F&M Bank, we cannot stress enough the importance of double-checking details before sending any electronic transfers, including ACH, wire, or e-check.
