Due to a recent increase in hacking activity of email accounts and some Microsoft accounts, Landis Technologies recommends increasing security measures for all your Microsoft account users.
How do these hacks happen?
Imagine this scenario:
A secretary at Acme company receives an email from a vendor to which they regularly pay invoices by wire transfer. The email appears to be from the normal contact at the vendor, with the correct signature and email domain. Along with an expected invoice, the email contains a courteous request to update the wire transfer information for future payments. The change is made as requested, and the balance is paid with the new information. The contact at the vendor replies with a confirmation email showing the balance paid. All seems well… until a few weeks later, when the vendor calls and asks why Acme is late with their payment. After a reputable IT company (Landis Technologies?) investigates the situation, it becomes evident that the vendor and Acme have been victims of an email hack resulting in wire fraud.
Q: What are some precautions that could have prevented this unfortunate and costly situation?
A: This scenario can be avoided by awareness and improvements in these two areas:
- Email and Network Security
- Fraud Awareness
In the rest of this post, let’s look at some steps you can take to improve your business’s security in those areas.
1. Improving email and network security as prevention.
MFA (Multifactor Authentication)
Enable Multifactor Authentication (MFA) on all Microsoft accounts for added security. You’ll receive a prompt on your phone or app to approve or deny access to your account. Even if your password is compromised, hackers can’t access your account without your approval. MFA requires a smartphone and takes about 10-15 minutes to set up for the first user and 5 minutes for additional users.
Strong Passwords
Use a strong password to protect your accounts. It should be at least 12 characters long, unique, and complex, with a mix of letters, numbers, and symbols. Avoid easily guessable information. A strong password defends against attacks, while a weak one leaves your data vulnerable.
Threat Protection for Exchange Online Email
Microsoft Threat Protection can scan all attachments in a “virtual sandbox” before the file is allowed to be accessed. This helps eliminate most phishing emails and emails with malicious attachments. It also warns about emails that closely match the domain but are not the same, as this often indicates fraud. The cost to add this extra security is $2/month/user.
Security Keys
Security keys are used to verify identity and grant access to computer systems and networks. They come in physical forms, like USB devices, or as software. Physical keys provide extra security, while software keys may be more vulnerable. Two-factor authentication combines a password with a security key. Look for certified keys and manage them properly to keep your network secure.
Conditional Access
Conditional Access is a security feature in Microsoft Entra ID that controls resource access based on specific conditions. It considers various signals during sign-in and grants or denies access depending on policy criteria like location, etc.
Phishing Simulation
Phishing simulation is a cybersecurity exercise that tests an organization’s ability to recognize and respond to phishing attacks. During these simulations, employees receive mock phishing emails, texts, or phone calls that mimic real-world attempts and then are rated by the response or hopefully, lack of response.
2. Awareness of wire transfer fraud.
Here are some tips to help you avoid becoming a victim of fraudulent wire transfer scams:
- Zero Trust – View EVERY change request regarding wire transfer information as a major red flag indicating possible fraud.
- Verify Independently – Verify the identity and the legitimacy of the person requesting the wire transfer. Do not rely on the contact information they provide you, as it may be fake or spoofed. Instead, use an independent source, such as a phone book, a website, or a previous correspondence, to find the correct contact details and confirm the request. If the request comes from somebody in the office, walk over to their desk and talk to them in-person before proceeding.
- Vigilance – Do not open or click on any links or attachments in unsolicited emails, texts, or messages that claim to be from a person or entity requesting a wire transfer. They may contain malware that can infect your device and steal your personal or financial information.
You may already be using some or all of these features, which is great!
Contact us for inquiries about your current security settings or to learn more about our security recommendations.
