Why email verification is risky for financial changes

Today, I received an email from my bank that showed critical vulnerabilities in their email security practices—a concern that should not be overlooked. Despite being from a reputable bank, the email failed several key security checks: The email came from an IP address not authorized by the bank's SPF record, indicating a potential spoofing risk. There was no DKIM signature, meaning the integrity of the email cannot be verified, increasing the risk of tampering during transit. The lack of a DMARC record meant the email was delivered without stringent checks, which would typically prevent such emails from reaching users. Gmail marked this email with a question mark icon, signaling it as suspicious. However, without proper DMARC enforcement, emails that fail SPF and DKIM checks can still reach users, making it easy for phishing attempts to succeed under the guise of legitimate sources. Why is this important? Banks hold sensitive customer data and financial information, making them prime targets for cybercriminals. Implementing and enforcing SPF, DKIM, and especially DMARC is crucial in safeguarding this data and maintaining trust in digital communications. Call to Action: I urge all financial institutions to review and strengthen their email security protocols immediately. Failing to do so not only puts customers at risk but also jeopardizes the institution's credibility. Stay Safe: Always verify the authenticity of emails, especially those that involve financial transactions or sensitive information sharing. Look for signs like the question mark icon in Gmail, and when in doubt, directly contact your bank through official channels. Let’s prioritize security and safeguard our digital communications!

The Emails That Almost Cost Us Millions I was starting my day as a finance manager when an urgent email from my out-of-town boss instructed me to transfer a large sum to an unfamiliar account. Something felt off even though the email looked legit, so I paused. I waited to confirm the request directly with the boss. Moments later, my treasury officer received a similar email from me, authorizing the payment. I did not send that email. It turned out to be a sophisticated phishing scam. We reached the boss, who said they never sent any such email. --- Even simple requests need a second look. In our fast-paced world, it's tempting to act quickly, especially when the request seems urgent and from someone important. However, this reminded me how important it is to verify financial requests, no matter how urgent they seem. This close call taught us: 1. Trust but verify: I trusted the "email" from the boss but checked before acting. 2. Strengthen controls: The money would have gone if only one person could approve. 3. Strengthen processes: Our processes never allowed for fund transfers just from emails. 4. Trust your gut: If something seems wrong, trust that feeling and wait until you have full clarity. Encourage your team to always verify first, no matter how urgent. In today's digital world, even trusted emails can be traps. Scams are becoming increasingly sophisticated. Urgency should never compromise security. In finance, caution is a great asset. 1. Always double-check. 2. Verify through multiple ways. 3. Maintain strong financial processes. Being careful is as valuable as your finance expertise. Cheers, Ajibola. P.S Have a Similar Experience? Share With Us. ♻️ Repost to spread the message and save a business.

Fraud Alert: Beware of Email Compromise Schemes Targeting Importers! A common fraud scheme is wreaking havoc on businesses importing goods. Here’s how it works: Fraudsters hack into email communications between buyers and vendors. They send a fake email, appearing to come from the vendor, citing a change in bank account details. The unsuspecting buyer, believing the email to be legitimate, transfers the advance payment to the fraudulent account. The vendor never receives the funds, and the buyer suffers financial losses. I encountered a similar case back in 2014—with an unexpected twist that highlighted just how sophisticated these schemes can be. Always verify any bank account changes through direct and independent communication with the vendor (e.g., a phone call to a verified contact). Implement multiple layers of authentication for payment approvals. Educate your team to recognize red flags in payment processes. Have you encountered or dealt with similar incidents? #FraudPrevention #RiskManagement #FinancialFraud