How Criminals Hack Your Emails, Change Your Invoices & Steal Your Money
Email interception fraud is on the rise and criminals are targeting South African businesses, robbing them of hundreds of thousands of Rands in the process.
How Do They Do It?
By hacking or intercepting your emails, these criminals get access to your business invoices – they alter the banking details to that of their own account.
Once the email interception fraudsters have changed the banking details on your invoice, they use spoofing technology to send the invoice to your clients from what looks like your email address.
Upon receipt, your clients pay the invoice as is expected of them, and voila – the money goes straight into the hands of criminals.
It’s Causing Major Business Problems
Email interception fraud is causing huge problems for business owners all over South Africa.
The obvious problem is that your business loses out on valuable income, but there’s more to it than that.
Email interception fraud puts pressure on business relationships as neither party feels that they are responsible for the fraud. Due to the complexities involved, it is also very difficult to take any legal action against a client for non-payment in these instances.
The latest data shows that scams like these are especially prevalent in the conveyancing space and among the real estate industry. Some local comedians also recently lost R300 000 due to email interception fraud.
Don’t Become a Victim
How do you prevent email interception fraud?
The simple answer to this question: Stop using email technology to send sensitive documents like invoices to your clients. Secure file sharing platforms like YDOX, enables you to send and receive sensitive files in a secure environment where criminals cannot gain access to it.
Files get uploaded or imported securely into ydox, where it remains encrypted until your clients login securely from their end to view or download the files.
If you would like to find out more about YDOX and how we assist businesses to keep their files secure, complete the contact form below.