Businesses have been urged to be vigilant against email scams as the lockdown against coronavirus (COVID-19) leads to organisations being run almost exclusively on email.
During this period, fraudsters are increasingly using email-based scams to catch unsuspecting businesses off-guard.
One of the most common email scams that businesses fall victim to is Business Email Compromise (BEC), according to Nadiah Maharaj, chief risk officer at FNB Business.
Maharaj denounced it as a global phenomenon and a form of cybercrime which uses email fraud/email phishing to target businesses, individuals and governments.
"At its core, the scam leverages digital technology combined with social engineering techniques," the executive said.
Maharaj said the fraud should be reported to the South African Police Services (SAPS).
Banks must provide the SAPS with the relevant information, upon receipt of a duly served subpoena.
If the fraudster has benefited from the fraud, business can further consider civil recovery and also check with their insurer if it is an insurable loss.
"This National Cybersecurity Awareness Month, we urge all business owners to educate themselves about cybercrime and commit to staying alert and vigilant" Maharaj concluded.
