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It's a Whaling Scam!

Bilz Insurance


Jun 30, 2016

And we are not talking about the largest mammal on the planet. We are talking about what could be a huge data breach to your business. What is "whaling" you ask? They are commonly known as "business email compromise" or "CEO fraud." Criminals, attempting to impersonate the owner, president, chief executive office, or other high ranking manager, send a rogue email to your employees advising them to transfer funds to what appears to be a valid account. This type of fraud has increased 270% since January 2015. So what can you do to protect your company? First, you must make sure your employees question any request for money transfers to any unknown entity. Secondly, set up a multi-factor authentication with your bank for any money transfers. Third, check with your email security/spam protection provider to find out if they have any added capability to flag any suspicious whaling emails. And finally, check your insurance coverage to see if you have Cyber coverage that may protect just in case the above items fail and you are caught in a "whaling" scam.

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