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Business Fraud Threats

Whether driven by technology, changing clientele, supply/ demand or a pandemic, the ways in which we conduct business continues to change. Despite its unpredictability, one thing that remains constant is the array of fraud threats aimed at businesses. Fraudsters have been actively leveraging these unprecedented times for their financial gain at historic rates. It is more important than ever to remain vigilant and understand prominent fraud threats facing businesses today. Some of the most common threats to businesses of all sizes are:

  • Business Email Compromise - Fraudsters may perform reconnaissance on a company executive using social media outlets or target an individual to compromise an email account. Using the compromised or spoofed email, the fraudster corresponds with internal administrative staff to change payment methods for invoices or payroll and divert funds to a criminal’s account. These email attacks are generally short in nature, ask to not be contacted over the phone and use formal salutations. Whenever possible, be sure to confirm any such requests over the phone and not through replying to an email.
  • Internal threats - It is a good practice to have segregation of duties, regularly check financial statements, promote a culture of ethics and institute controls to identify suspicious staff behavior. It is also beneficial to educate staff on the variety of fraud threats that exist, discuss red flags and understand the impact a fraud event could have on your business.
  • Phishing Style Attacks - Viruses and other forms of malware are not only deployed through malicious links but are also embedded in a variety of attachments. Once opened, the fraudster may be able to track keystrokes gaining access to websites visited, usernames, and passwords. Be sure to investigate links and do not open attachments unless they are expected. Text messaging has become a popular channel for phishing attacks as many have grown to trust text communication methods.
  • Tech support - A common scam in which a fraudster posing to be from a tech company calls you stating that your computer has an issue and offers to fix the problem. Their objective is to obtain your online credentials, remote computer access and/or payment.
  • Utility Scams - Fraudsters call to inform and threaten a service disruption due to unpaid bills and they need immediate payment to avoid interruption. These phone calls typically come later in the day to enhance urgency and payment is often asked for in the form of wires or gift cards. Hang up and call the number on your bill to confirm the information.
  • IRS Scams - An email or phone call is received from a spoofed address or number that contains threatening or urgent messaging such as tax penalties or large unauthorized purchases to provoke the recipient to act immediately. Fraudsters ask for payment and/or deploy malware to your device.
CNB offers a variety of banking solutions to help mitigate fraud threats and greatly reduce your chances of becoming the latest victim in an already challenging world. Be sure to follow us on social media to stay up to date on emerging trends and threats. Visit for current fraud articles and resources.