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Sabric warns customers of business email compromise scam

Sabric said criminals were impersonating CEOs and senior managers and send out emails to junior staff in finance departments, requesting an urgent payment be made to a specific beneficiary.

Picture: Pixabay.com

JOHANNESBURG - The South African Banking Risk Information Centre (Sabric) on Wednesday warned customers about a scam known as the business email compromise where criminals steal money by asking for it.

Sabric said criminals were impersonating CEOs and senior managers and send out emails to junior staff in finance departments, requesting an urgent payment be made to a specific beneficiary.

Sabric CEO Susan Potgieter said: “…And we’ve been aware of it for quite a long time and I’ll go as far as saying since the early 2000s where we were aware of the change of bank account details that were being done fraudulently. It’s the magnitude of the scam that is now of concern and also the ease with which these criminals are able to gather information about their victims.”

Potgieter urged customers to be more vigilant and refrain from clicking on suspicious links in their inbox.