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Fraud Education - March 2021

by Stacy Wise | Mar 19, 2021

 

Business Email Compromise (BEC) and Email Account Compromise (EAC)

 

Written by Andrea Klinedinst, Compliance Assistant

 

As the convenience of technology continues to expand, so does online crime. Business Email Compromise (BEC) or Email Account Compromise (EAC) is a scam that can cause some of the most financial harm. But before you panic, there are easy ways for you to prevent becoming a victim of this crime and keep your accounts safe.

 

How does BEC/EAC work?

 

BEC/EAC is a scam where criminals send a message, seemingly from someone you know, with what may appear to be a legitimate request. The scammers use email addresses that look real to try to make you feel safe since the message is from a “trusted” contact, or make you act rashly if this “trusted” contact is making an urgent request. Once you reply to these emails or download attached files, the scammers can take advantage of the situation, allowing them to access your data which may include your passwords or financial information.

 

Tips to prevent BEC/EAC:

 

  • Don’t click on links, download attachments, or respond to messages before carefully examining the email address and verifying the message is legitimate.
  • Verify account changes or payment requests by phone or in person if possible. If verifying by phone, look up the official phone number of the requestor, don’t just assume the phone number in the email is correct as this could also lead to a scammer.
  • Set up extra security features when available. MNB online and mobile banking offer extra account features, like biometric authentication, account alerts, and Card On/Off, that can help you keep your information secure.
  • Stop and think before acting rashly. If the message contains an urgent request, this may be a sign of a scam.

 

If you believe you have received a fake message from MNB, don’t respond—report any suspected fraud to the MNB Customer Service Department at 877-647-5050 or visit any location. Be informed and stay safe. 



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