PayPal Fake Invoice Scams Hit Ohio Businesses
- Ohio businesses face another scam during National Cybersecurity Awareness Month.
- This new email scam makes it harder to detect because the invoice looks real.
- One of these five FBI-recognized BEC scams could get an employee fired.
- A massive tragedy nearly destroyed this country, and a scammer profited from their loss.
- Have you received a PayPal fake invoice in your inbox recently?
October is National Cybersecurity Awareness Month, and without fail, Ohio businesses and organizations face yet another scam. This time, scam artists are emailing PayPal invoices to company inboxes that are entirely fake.
The scam artist sends an invoice from PayPal that looks genuine. The invoice shows a dollar amount owed, and the sender requests immediate payment. Before you send any money, in today’s video, Mike wants you to do this first.
What Type Of Fake Invoice Scam Is This One?
The PayPal fake invoice scam is another Business Email Compromise (BEC) online fraud. That form of email cybercrime targets businesses and organizations trying to defraud the company, claiming it owes the sender money.
This email scam has become harder to detect because the invoices sent from PayPal are actual invoices, but the financial demands are false. Most are unaware that a scammer can open a legitimate PayPal account because that’s not a crime.
However, once the account becomes verified, the scam artist can start targeting and sending out false invoice claims to Ohio businesses. Cybercrimes like these are why National Cybersecurity Awareness Month is your reminder to stay alert to online dangers.
What Are Common BEC Scams?
According to the FBI, five common BEC scams target businesses and organizations. In some instances, an employee often gets fired because they were unaware they responded to a scammer and followed their instructions instead of their company’s cybersecurity protocols.
CEO Fraud: The scammer poses as the business owner or CEO. They email the company requesting a money transfer to an account created and controlled by a scam artist.
Account Compromise: A cyber thief finds, hacks, and uses a company’s employee email account. Next, the scammer begins emailing fake payment requests disguised as the vendor.
False Invoice Scams: Attackers target companies and begin emailing fake invoices. The scam artist states they are owed money and often impersonate vendors or suppliers.
Attorney Impersonation: An employee receives an email request to transfer money or send sensitive information to an attorney they know, but it’s a scammer who sent the message.
Data Theft: This BEC scam targets Human Resource staff trying to acquire sensitive information. Primarily, cybercriminals want information about the CEO or executives.
Puerto Rico Falls Victim To Earthquake and BEC Scam?
It was January 7, 2020, when Puerto Rico experienced a devastating 6.4-magnitude earthquake. The last time this happened to the island country was back in 1918. What was more shocking, cybercriminals used that tragedy to steal $2.6 million from the crippled nation.
Finance Director Rubén Rivera of Puerto Rico’s Industrial Development Company received a convincing email. The scammer explained how the bank account connected with the remittance payments had changed. The request was to transfer $2.6 million to a fake account.
Unfortunately, Mr. Rivera believed the request was genuine, and instead of double-checking, he followed the scammer’s instructions and transferred the monies. Upon further investigation, it was discovered that Rubén had fallen victim to a common BEC scam.
Have You Received A PayPal Fake Invoice In Your Inbox?
Unknown to most businesses across Northeastern Ohio, they are targeted daily by scammers sending them emails. Often these messages end up in spam folders. But every once in a while. One slips through the email filters, looking just like the one in our video.
The other thing to remember is that scammers do not care how big or small or whether you’re a government or not. They want your protected data and information. And with National Cybersecurity Awareness month in full swing, now’s the best time to beef up your security.
ARCIS Technology Group provides secure ways that protect your business and organization from scammers. Our technology solutions work seamlessly, so your company never experiences any disruptions. Contact us today or call (330) 236-1011 to learn more!