Email phishing scams cost businesses billions

No matter the size of your office – or whether it’s a business, government or nonprofit organization – be on the lookout for phishing scams that appear to be routine emails from colleagues or the boss.

A new Better Business Bureau study reports that business email compromise scams have cost businesses and other organizations more than $3 billion since 2016.

How the scam works

You are in charge of paying bills at your office, and you get an email that appears to be from the CEO or another executive. The message seems like a routine request. The boss may ask you to wire money to a vendor or send employee tax information to an accountant.

In other variations, the scammer pretends to be another employee asking to have his or her pay deposited into a new bank account, or the email may look like it’s from a vendor or supplier requesting a change in invoice payment. In some cases, scammers even pretend to be someone from a charity or religious organization asking the recipient to buy gift cards on their behalf.

No matter what the scammer claims, the end result is the same. If you send the money, it goes into an account controlled by the con artist. These scams, sometimes called “spear phishing,” have resulted in more losses than any other type of fraud in the U.S., according to the FBI.

Tips to avoid the scam

• Secure accounts. Set up multifactor authentication for email logins and other changes in email settings. Be sure to verify changes in information about customers, employees or vendors.

• Train staff. Create a secure culture at your office by training employees on internet security. Make it a policy to confirm all change and payment requests by phone rather than relying on email.

If you’ve been a victim of fraud, call the bank to stop payment on the falsely made charge. Report it to the FBI in the U.S. or the Anti-Fraud Centre in Canada. If a report is filed within 48 hours, there is a chance the money can be recovered.

Complain to the FBI’s Internet Crime Complaint Center. IC3 also asks people to report unsuccessful business email compromise scam attempts. Information from attempts may help establish patterns or identify mule bank accounts.

For more information, visit bbb.org/becstudy or bbb.org/scamstudies.

BBB warns of scammers targeting college students

Many college students are on the lookout for flexible, part-time employment to help cover their school expenses. If this describes you or a student in your life, watch out for scams. The Better Business Bureau’s Scam Tracker has received reports of employment cons impersonating professors and university departments.

How the scam works

You receive an email at your school email address encouraging you to apply for a job. The message appears to come from your school’s job placement office, student services department or even a specific professor. The position – it may be anything from pet sitting to secret shopping – sounds perfect for a college student. The work is easy, has flexible hours and offers excellent pay.

When you reply to the message, things start to get strange. The “employer” hires you without an interview. Then, he or she sends you a check with instructions to deposit it before you’ve even done any work. You are instructed to use the money to purchase gift cards, money orders, prepaid debit cards or other supplies you’ll need for your new job. Part of what you purchase should be sent to your new employer. The rest of the money will be your payment.

However, the check is a fake – a detail your bank will let you know a day or two after you deposit it. Any money you sent to your “employer” is gone for good.

Tips to avoid the scam

• Do your research. Before you accept any job, research the company that wants to hire you. Does the company have a professional website and legitimate contact information? Search for what others are saying about their experience with the company.

• Beware of red flags. Scammers often send emails with many typos and grammatical errors. They offer to hire you without an interview and even pay you before you’ve done any work. None of these are behaviors of a reputable business.

• Never send money to strangers. Never send funds in the form of cash, checks, gift cards or wire transfers to someone you don’t know or haven’t met. No legitimate company will ask you to pay them to get a job.

For more information on employment scams, visit bbb.org/employmentscam or bbb.org/avoidscams.

If you’ve been the victim of an employment scam, report it on bbb.org/scamtracker.

Transactions for the week of Oct. 23

Los Altos

743 Alvina Court, Klevickis Trust to N. & F. Farahani for $3,150,000

324 Blue Oak Lane, Peters Family Trust to T. & M. Hussain for $2,901,500

743 College Court, Mortimore Trust to Miotto Trust for $3,500,000

1571 Morton Avenue, Tonnesen Trust to Damle Trust for $3,425,000

11675 Putter Way, Zeng Trust to L. & R. Benson for $3,300,000

889 N. San Antonio Road No. 2000, K. Moravej to N. & N. Yuhjtman for $1,550,000

725 University Avenue, Guymon Trust to Albert Trust for $5,600,000

Los Altos Hills

13981 Fremont Pines Lane, Abramo Trust to Goodger Family Trust for $7,200,000

Mountain View

949 Eichler Drive, Leonhart Trust to J. & P. Choo for $2,688,000

905 W. Middlefield Road No. 943, Ventura-Scicli Living Trust to J. Yeom for $1,000,000

932 Tulane Drive, R. & V. Joshi to Yang Family Trust for $2,600,000

Cupertino

10084 Congress Place, S. Emani to S. & S. Hariharapura for $1,300,000

10919 Festival Drive, Subramanian Trust to Marasco Trust for $2,180,000

10317 Mary Avenue, S. Thodupunoori to L. & S. Venkataraman for $1,155,000

10466 Miller Avenue, E. Bialoglovski to S. & D. Balasubramaniam for $1,570,000

20239 Northwest Square, Leu Family Trust to P. & K. Bhagat for $1,400,000

13225 Peacock Court, Raghuram Family Trust to H. & H. Xu for $3,088,000

20128 Stevens Creek Boulevard No. 208, Wu Trust to Tang Trust for $1,230,000

7660 West Hill Lane, Gray Family Trust to J. & E. Su for $1,650,000

10312 Westacres Drive, Harkin Trust to B. & P. Vinjamuri for $2,272,500

Overall

Los Altos

Total sales: 7

Lowest sale: $1,550,000

Highest sale: $5,600,000

Average sale: $3,346,600

Los Altos Hills

Total sales: 1

Average sale: $7,200,000

Mountain View

Total sales: 3

Lowest sale: $1,000,000

Highest sale: $2,688,000

Average sale: $2,096,000

Cupertino

Total sales: 9

Lowest sale: $1,155,000

Highest sale: $3,088,000

Average sale: $1,760,600

– Cal REsource

Los Altos church targeted in ongoing award scam


Melissa Hartman/Town Crier
St. Nicholas & St. William Catholic Parish’s teen ministry program “won” the 2019 Best of Los Altos “Church” category, according to an email from the Los Altos Award Program. However, the program is not associated with the city, and little information about it is available.

For the third time in six months, a local business or group reported receiving a suspicious email solicitation from the Los Altos Award Program.

St. Nicholas & St. William Catholic Parish’s teen ministry program “won” the 2019 Best of Los Altos “Church” category, the latest email message read.

Will no-cost trading improve your investment returns?

Charles Schwab & Co. revealed recently that it plans to eliminate online transaction fees for exchange-traded funds, stocks and options. Two days, later TD Ameritrade followed suit, causing brokerage stocks to suffer their worst weekly drop in well over a decade as investors digested the earnings losses brokerage firms are likely to experience.

Is this really a big deal, and which investors are most likely to benefit?

Transactions for the week of October 16

Los Altos

364 Benvenue Avenue, A. & R. Moskovitz to Chen Trust for $4,460,000

1676 Christina Drive, S. & C. Hasser to Q. Ma for $2,950,000


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