Recently, Barbara Corcoran, Shark on ABC’s Shark Tank, was scammed out of nearly $400K as a result of a phishing email. The email, which appeared to come from Barbara’s assistant, targeted her bookkeeper asking to approve a wire transfer to a German real estate company in which Barbara had invested.
While the bookkeeper did inquire about the payment, the inquiries were sent to the sender of the initial email, who was a cyber adversary and was able to provide the information necessary for the payment to be approved.
Herjavec Group Founder & CEO, Robert Herjavec, appeared on Good Morning America to address similar phishing scams.
“85% of all cybercrime across the world happens through email,” he said. “It’s been happening to businesses for 2-3 years now, but it’s now happening to individuals as well.”
So, how can you stay safe from phishing attempts?
- Verify the sender name, email, and source
- Check the spelling and verify URL links as legitimate
- Never give out personal or financial information by email
- Verify the email is coming from someone you trust
- Use voice verification with your internal team before wire transfers over a particular size
- Check your bank statements diligently and daily
- Develop a protocol with your bank where transfers over a particular size are held or voice verified as well
- Notify your bank of any suspected compromise immediately to stop wires within 24-48 hours pending the location of the transfer
Watch the full Good Morning America clip below.