A discussion on the costly Business Email Compromise scams, emphasizing the need for verification. Stories shared include a police impersonation scam and the privacy concerns on Venmo transactions. An amusing email scam involving EuroMillions winners is dissected, along with communication mishaps and unique trivia banter.
Verifying emails through a secondary channel is crucial to prevent Business Email Compromise scams.
Being cautious of unexpected payments on Venmo can help avoid falling victim to accidental payment scams.
Deep dives
Business Email Compromise Scams
Business email compromise scams generate over $26 billion annually, with the average payout per successful scam reaching high amounts. These scams involve impersonating colleagues or superiors to lure victims into fraudulent transactions, like buying gift cards or changing direct deposit information. The article highlighted the importance of questioning urgency and keeping requests confidential, as well as verifying requests through a different channel.
Accidental Payment Scam on Venmo
The accidental payment scam on Venmo involves receiving money from a stranger, followed by a request for the same amount to be sent back due to an alleged mistake. The initial payment is made with a stolen credit card, leading to the victim losing the refunded amount. Venmo treats these transactions as separate, causing financial loss when the initial payment is reversed. This scam exploits the unsuspecting nature of recipients, highlighting the need for caution and vigilance while using payment apps.
EuroMillions Lottery Scam
A fraudulent email claiming to be from EuroMillions announces a significant cash prize won through a random selection process. The scam prompts recipients to reply with personal details to claim the prize, emphasizing a short validity period and urgency. The email's inconsistencies, like the sender's non-official email address and exaggerated prize amount, reveal it as a typical lottery scam attempting to deceive individuals into sharing sensitive information and falling for financial fraud schemes.
This week Dave shares a story on Business email compromise (BEC) scams, and how they are a major threat, costing $26 billion annually. The story shares how it's crucial for employees to verify suspicious emails through a secondary channel and for companies to foster transparent communication to mitigate such risks. Joe shares two stories with us this week. The first is from a listener named Jay, who received a story from a relative. In this story, someone claiming to be a constable calls to warn about a person who has gift cards with the victim's name on them, then tries to get the caller to call the police to confirm. Joe's second story comes from Allison Gormly at Consumer reporter at WTHR in Indianapolis. Allison share's videos videos on Instagram that all start with “Hey Allison,” this one starts with Hey Allison, a stranger sent me money on Venmo, should I send it back? Our catch of the day comes from listener Cameron, who shares how he is a business owner with a public-facing email address, and how he gets his fair share of scam emails, but this one takes the cake.
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