In the midst of tax season, organizations are moving at a rapid pace to meet deadlines and internal demands. Criminals know this hectic time is opportune for scams and fraud. Between January and April 15th, the IRS reports the number of scams has jumped significantly in the last few years. Cyber criminals research to identify empowered individuals, such as Chief Financial Officer, Chief Operating Officer and school executives within the organization. Next, they spoof/impersonate an e-mail address of an executive or use comprised business e-mail credentials to induce an employee to transfer sensitive data. Cyber criminals are impersonating an executive with the goal of duping a HR director or payroll processor within the organization for W-2 information of employees.
The e-mail usually looks something like this:
Hi- are you in the office today? I’m working from home and need the W-2 reports for all employees. Can you send as soon as possible?
Cyber criminals are anticipating an employee’s willingness to help and the request will not be questioned since it is coming from a purported executive. Because the cyber-criminals know timing is crucial, they file fraudulent W-2s within days or even hours.
Take these steps to better educate your team:
Cyber Liability insurance allows you as a business owner to transfer your risk in a cost effective manner. Many are unaware of the resources that come with a Cyber Liability policy. Discounts on system protection, breach coach from specialists, and password protection are just a few.
For More Information Contact:
Cyber Strategic Leader
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