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WelcomeWelcome LoginJanuary 29, 2024
German American Bank understands the importance of security and how costly a breach or scam can be to your business’s reputation and bottom line. The first line of defense is awareness. To help with your efforts in combatting fraud, here are two common business scams to watch for and ways to prevent them from the Federal Trade Commission.
Fake Invoices
Continued advances in technology give scammers the ability to create very realistic phony invoices for products or services your business did not order. Make sure procedures are clear for reviewing and approving purchases and invoices. Have heightened awareness of how payment is requested. When processing a payment, verify the instructions with a known connection and call the phone number on file. Do not reply to an email with payment information.
Impersonation Scams
Scammers can spoof the identity of a colleague or business leader in an email or phone call to pressure the recipient into providing sensitive information. They may also pose as a trusted vendor or organization. Examples of this scam include a utility company calling to collect payment for a late bill or a government agency threatening a fine. Never send passwords or sensitive information by phone or email. When in doubt, go straight to the source to verify that the message or call is valid.
If you have any questions or concerns, please reach out to your German American Business Banker or you can reach our Customer Care Team by calling 1-800-482-1314.