My company ComXo provides outsourced business services to top firms in the legal sector. Almost 50%of the top 100 UK firms trust us with some part of their operation. Data and communication security therefore is something we think a lot about. Recently our company went through the process of attaining Cyber Security Plus accreditation and whilst we were with the consultants we asked them what the most dangerous scams currently out there are.
I thought I would share one of them with you and tell you what can be done about it.
The scam targets both law firms and house buyers/sellers. By intercepting email correspondence or more lately by spoofing telephone number caller identities, bogus instruction are given to either the law firm or the house seller to transfer funds into a fraudulent account.
This is an article about the scam I found on line (Fraud story).
This scam can literally destroy a family’s entire wealth and prospects in a single transaction. It is so devastating because it is hard to say where the fault lies. Each party was prudent and followed what they thought were legitimate instructions.
It is not without question that this sort of fraud could be a risk in the business world where transaction amounts could be significantly higher. What is clear is that both cyber security and communication security is essential. The question must be asked…is who you think you are talking to actually who you are talking to?
As technology has become smarter so have criminals found ways to outsmart us by using it. The huge sums that can be had in a single transaction mean that serious and well resourced organised crime syndicates are involved. We all know about the spam emails that purport to be from ourselves, a few years ago I discovered that apparently according to everyone in my contacts list I was a major distributor of cheap Viagra. My account had been hacked.
But did you know that it is relatively simple to spoof an originating telephone number? This would mean that a lawyer could mistakenly think they were talking to their client who’s number was in their mobile or outlook address book when in fact they were talking to a fraudster.
Did you also know that gaining access to a conference call is also pretty simple and our research suggests that security breaches are a common occurrence.
This might mean a complete compromise of client confidentiality with far reaching consequences for both client and advisor.
ComXo work closely with our customers to identify and overcome such security risks. Our super secure conferencing service and real-time number validation capability are powerful weapons in the arsenal of cyber defence. Our customers rely on us to advise them where the risks are in their communications pathways and build services to minimise them.
A typical piece of research was our “Who is on the line” white paper in which we uncovered some horrendous security breaches in major firms. This research paved the way for our super secure conferencing service which now is the backbone of many of our clients requirements. Down load here… Who’s on the line.
What Cyber Security Plus has taught us is that no amount of security will make you impervious to 21st century fraud. However there are services and tools you can use to make you less of a target. The lesson learnt by those who have been caught is wait for them to walk through the front door…lock it and alarm it!