“Trust me, you can’t trust anyone.” -Steve Weisman Click To Tweet
Have you ever been the victim of an email scam? Business Email Compromise is a type of scam where scammers focus on businesses that conduct wire transfers and work with suppliers abroad. There are many things businesses and consumers can be on the lookout for to avoid falling into these email traps. Learn how to protect your information and money from these cyber attacks with Steve’s practical advice.
Steve Weisman is a nationally recognized expert in scams, identity theft and cybersecurity as well as a lawyer, college professor and prolific author. In his informative speeches, articles, and books Steve makes difficult subjects such as cybersecurity, scams and identity theft not only understandable but enjoyable with the humor he brings to these complex issues.
Steve Weisman is a lawyer, admitted to practice before the United States Supreme Court. He is a college professor at Bentley University where he teaches “White Collar Crime.” He was awarded the Gregory H. Adamian Award, Bentley University’s highest award for teaching excellence.
He is the author of more than ten books including The Truth About Avoiding Scams named by Smart Money Magazine as one of the ten best money books of the year. He has been awarded a Certificate of Merit for excellence in legal journalism by the American Bar Association. He has been a columnist for USA Today, Bankrate.com, the American Institute of Economic Research and the Saturday Evening Post. He has appeared throughout the media as an expert on scams, identity theft and cybersecurity including appearances on ABC, NBC, CNN, CBS CNBC, MSNBC, NECN NewsMax and Fox. He also has been featured on the Dr. Phil Show. He has been quoted throughout the print media including the New York Times, the Washington Post, the Wall Street Journal, Barrons, Money Magazine and Forbes. He is a sought after public speaker with numerous appearances throughout the country.“Scam artists are the only criminals we call artists.” -Steve Weisman Click To Tweet
- [00:38] – March 3rd is the 138th anniversary of Charles Ponzi known for the Ponzi Scheme.
- [03:28] – Ponzi schemes have been very effective over the years.
- [04:14] – Steve’s motto is “Trust me, you can’t trust anyone.”
- [05:23] – Scammers send an email that lures you to click on a link and download malware. They get into your computers and emails and they watch and learn about your business. They often wait until the CEO is out of the country and send an email requesting money.
- [06:42] – The solution for companies is to have some kind of dual-factor authentication.
- [06:54] – Alert your employees to not click on links or download attachments unless they are absolutely sure and confirmed.
- [8:39] – Be sure to check and confirm the email address before clicking on any links. Be sure to double-check spellings. Scam email addresses are often different by one added letter.
- [10:38] – Many of these business email compromises come from other countries where English is not a primary language and you may notice grammatical errors.
- [11:09] – Scam artists are really good at knowing what to appeal to get us to do what they want.
- [11:31] – Scam artists often use fear and greed especially in investments.
- [13:10] – Pump and Dump is when the victim is lured into buying the stock of a legitimate company. They lure so many people into buying it that the price goes up and then they can dump their stock.
- [14:12] – We are not as careful as we should be when it comes to our investments.
- [14:35] – There are many tactics scam artists are using to make BEC scams look real.
- [15:28] – Companies can best protect themselves by having multiple eyes on this. There is never an emergency or urgency to wire money.
- [15:40] – Scammers always want you to act quickly, so there will be all kinds of reasons for doing so.
- [15:55] – Always be skeptical when the CEO or CFO that is requesting this is doing so from outside of the country. Always double check to verify.
- [17:11] – Awareness is the most important way to combat being a victim and having the best practices in place.
- [18:42] – On the phone, you never ever give a credit card or personal information to someone you haven’t called. If it sounds legit you call back to a number that you know is accurate.
- [20:04] – Two of the biggest phone scams are from the IRS and Social Security. The IRS does not call, text, or email you.
- [20:41] – The likelihood of getting your money back from a BEC scam is very unlikely.
- [22:13] – Many companies will have insurance to protect them against cyber threats, but a BEC scam doesn’t qualify.
- [23:57] – The Federal Trade Commission has tried to get companies to be proactive about money transfers.
- [25:14] – The elderly and millennials are often picked on for scams involving money transfers.
- [26:03] – The scammers often try to stay within certain grounds that won’t be totally alarming.
- [26:48] – We need to take care of our parents and grandparents and make sure they are not being taken advantage of.
- [27:51] Check out the scam of the day on Steve’s website.
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