Allied Irish Bank (AIB) has issued a cautionary message to firms about the increased likelihood of scams during the Easter fortnight. This period typically sees an upswing in business transactions due to the conclusion of the tax and quarter year. The bank highlighted that fraud such as misleading invoices, email deception, investment scams, and malicious software are particularly active during this time. To help businesses recognise these risks, AIB has initiated a public awareness campaign.
The bank emphasises that cybercriminals manipulate company emails directly or craft counterfeit ones that may seem legitimate. Pretending to be a manager or a supplier, these criminals instruct employees to swiftly relocate funds into a new account or alter payment information. AIB urges companies to ensure that their staff is vigilant about this threat and refrain from making transactions or monetary transfers based solely on email directives. They advise to confirm any instructions directly by calling a trusted number.
Carol Lawton, the AIB head of financial crime, warned about cybercriminals trying to exploit this period for fraud. She stated that the fraud can distress businesses due to the significant funds often involved. She further revealed how these scams employ numerous illicit strategies such as hacking into people’s emails or computers, sending deceptive emails or messages, and producing seemingly authentic online adverts, brochures, and other materials. Lawton also shed light on the tactic used by these criminals of impersonating legit personnel in various firms to appear credible.
Concerning investment scams, AIB warned about their sophisticated nature and the risks even experienced business people face from them. Criminals can craft phoney websites that make unrealistic promises of high returns. These websites typically include a contact form enabling the fraudsters to initiate contact with the victim. They often reach out via genuine-looking numbers and provide seemingly authentic brochures. The bank stressed that business people should keep in mind the old adage – if it seems too good to be true, it probably is. They also advised to verify the firm’s regulatory compliance and the employment status of the individual in question before proceeding with any transactions.
The bank’s warning also extended to malware, pointing out that criminals can create fake banking websites that perfectly resemble the real ones but are embedded with harmful software.
The software in question is engineered to illicitly gain entry into computer networks and pilfer data. For instance, the use of malicious software could lead you into a trap if you’re seeking your bank’s webpage through a search engine instead of directly inputting the address. You may be confronted by a pop-up window soliciting your sign-in information or a single-use code. Once revealed, this provides outlaws with all they need to initiate the process of extracting funds from your account, reported AIB. They also cautioned businesses to refrain from using a search engine to locate their bank’s online portal, resist divulging financial details in pop-up windows, and persistently keep their anti-virus software current.