Chad Quarles was interviewed for an article, Protect your community bank from business payments fraud, with Independent Banker. The article highlighted how to effectively protect your community bank and its customers from business payments fraud.
“A BEC attack usually begins when the threat actor gains unauthorized access to an email account belonging to a bank or one of the bank’s business partners, such as a title company, Quarles says. The threat actor will monitor the title company employee’s email until they identify a conversation discussing payment instructions and then impersonate the recipient of the payment and redirect the wire transfer to an unrelated account.”
“By the time the victim realizes what’s going on,” he says, “the wire has been sent and the account has been drained.”
“Your company [often] doesn’t realize it’s duped until the vendor starts making collection calls and they say they never sent a payment change,” he says.
