Help Protect Your Business Against Fraud
Common Business Fraud Schemes
Tips to Protect your Business
Report Fraud
Business Email Compromise
Occupational Fraud
Malware
Business Email Compromise (BEC)
Business email compromise (BEC) is a cyber fraud tactic where fraudsters impersonate trusted individuals via email to trick organizations into sending money or sensitive information.
FAQs
How can I tell if my business is vulnerable to occupational or email‑based fraud like BEC?
Your business may be vulnerable if employees can move money or share sensitive information based on just receiving an email saying to do so. You're especially at risk when there are no verification steps, weak email security, limited financial oversight or little training on spotting phishing and impersonation attempts.
What techniques do scammers use to make fraudulent emails look legitimate?
Scammers often make fraudulent emails look legitimate by copying real branding, mimicking writing styles, spoofing sender addresses and creating messages that feel routine or urgent so employees are more likely to trust and act on them.
What’s one of the biggest challenges in stopping BEC?
The emails often look completely legitimate! Scammers impersonate real people, use familiar language and slip into normal business workflows, making the fraud hard to spot until it’s too late.
Why is email such an effective tool for fraudsters?
Email is familiar, trusted and easy to manipulate. Since people move fast in their inbox, when messages look routine or urgent, fraudsters can impersonate coworkers or vendors with little effort.
Occupational Fraud
When an employee or someone who works closely with the company steals, deceives or manipulates company resources for their own personal gain, they're committing occupational fraud.
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Stealing company checks by making it payable to themselves or altering payee information and amounts. They may also deposit these checks at multiple financial institutions to avoid detection. -
Submitting false timesheets to inflate hours worked. -
Issuing unauthorized bonuses for personal gain. -
Engaging in revenue skimming by taking cash off the top of daily receipts before the amounts are entered into the accounting system.
FAQs
What’s one of the biggest misconceptions about occupational fraud?
A common misconception is that occupational fraud is always committed by “bad actors.” In reality, it often comes from trusted, long‑tenured employees who exploit weak controls rather than obvious malicious intent.
How does access level influence fraud risk?
Employees with more access pose a greater risk for occupational fraud because they have easier opportunities to both commit fraud and conceal it.
What warning signs suggest internal fraud may be occurring?
Common signs are unusual employee behavior, unexplained wealth, resistance to oversight, and accounting and transaction irregularities that consistently benefit the same person.
How might someone misuse financial documents in a fraudulent way?
Fraud can occur when someone alters, fabricates or misrepresents financial documents for their own personal gain. This might include changing numbers, creating fake invoices or statements, inflating assets, or submitting real documents in a misleading way. Strong internal controls and regular reviews help prevent this.
Malware
Malware is malicious, unwanted software that tricks you into installing it, often through a bad link or file, or downloads itself without permission due to a security breach. It's designed to damage your system, steal information or give hackers unauthorized access.
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Break into your business accounts or access sensitive information -
Enable scammers to make unauthorized purchases or money transfers -
Lock your system and demand payment to restore access (known as ransomware) -
Weaken your device’s security, making it easier for additional malware to be installed
FAQs
How does malware typically reach business systems and accounts?
It's most common through phishing emails, malicious downloads, compromised websites or infected attachments that employees unknowingly open.
How can everyday online activity expose my business to malware?
Your business could be exposed to malware when employees click unsafe links, download unverified files or visit compromised websites. Even routine browsing or opening unexpected emails can silently trigger infections that spread through your systems.
What should I do immediately if I suspect fraud, a suspicious email or a malware incident?
If you suspect malware has affected you, reach out to us at 800-236-5560 or reportfraud@summitcreditunion.com
What signs may indicate malware is impacting my business systems or financial accounts?
Because malware uses your system's resources, you may notice your device running slower, freezing or even crashing completely. It's also common for unexpected pop-ups or programs to launch randomly. You may notice unauthorized logins, unfamiliar financial transactions, disabled security tools or files being altered or encrypted on their own. Any of this could be a sign of malware being active in your system.