Email Fraud – Protecting your Business

Email Fraud – Protecting your Business

By Hannah Wells, Claims Handler

Financial Fraud Action UK, which is leading the fight against financial fraud on behalf of the UK payments industry, recently published that “The rise across all fraud loss types during 2015 owes much to the growth of impersonation and deception scams, as well as sophisticated online attacks such as malware and data breaches.

Cybercriminals attacked the healthcare industry at a higher rate than any other sector in 2015, and more than 100 million healthcare records were compromised, according to a IBM's 2016 Cyber Security Intelligence Index report. They dubbed it “the year of the healthcare breach.” Beyond data breaches committed by hackers, health data is frequently exposed through accidental loss, device theft and employee negligence.

Phishing Emails

It has become increasingly popular for criminal gangs to use malware and phishing emails as a means to compromise customers’ security and personal details. Action Fraudthe UK’s national fraud and cyber crime reporting centre, has revealed that they receive 8,000 reports of phishing every month – so it is very important to be mindful of emails that you open and action.

Here at MIAB, we have seen an increasing number of claims for online fraud, which can result in huge financial loss and distress for a practice. This may be due to the recent CEO fraud scams that medical practices have been receiving of late.

Top Tips

Our advice will help make sure your practice stays protected:

  • Do not open attachments or click on the links within any unsolicited emails you receive, and never respond to emails that ask for your personal or financial details
  • An email address can be spoofed, so please be observant even if the email appears to be from a person or a company you know of
  • Educating staff is crucial in the fight against online breaches as human error is one of the most common causes of a security breach
  • Do not get pressured into providing sensitive information. Phishers like to use scare tactics, so take your time to review the email. If in doubt, email the company/individual direct to see if the email really did come from them

If you would like further information to help you stay safe online, we highly recommend you take some time to browse the Get Safe Online website.

Did you know?

Cyber Liability and Data Insurance MIAB offer Cyber Liability and Data Insurance to protect your digital assets. It can include assistance with, and management of, any incidents so please get in touch with our Specialist Insurance Advisers to find out more.

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