Historically, defending against cybercrime hasn’t been a priority for the construction industry, but cybersecurity is becoming critical as more businesses embrace digital technologies. The construction industry is an attractive target for cybercriminals because they are less prepared to deal with cyberattacks.
How do they do it?
Scammers monitor building permits and research the builders and owners to gain their contact information. They try hacking into the owner and builder accounts to monitor emails with attached invoices. After finding the invoice, the scammers send a fraudulent email with wire instructions and the original invoice. They often claim their bank no longer accepts checks due to a previous counterfeit check deposited into their account.
How do I prevent this from happening to me?
- Enabling Multi-factor Authentication (MFA) on all email accounts
- Setting up Domain-based Message Authentication, Reporting, and Conformance (DMARC) to detect and prevent email spoofing
- Working with industry professionals who are aware of the risks of Business Email Compromise (BEC) and Email Account Compromise (EAC)
For more information on how to protect yourself from wire fraud, contact us today!