• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Business / Better Business Bureau warns of email tax scam

Better Business Bureau warns of email tax scam

March 15, 2016 By Matt Kelley

Better-Business-Bureau-logoThe Better Business Bureau is warning Iowans about a very sophisticated scam that’s already cost one company millions of dollars.

Jim Hegarty, president of bureau’s Omaha-Council Bluffs chapter, says the ruse could also expose thousands of workers to identity theft as the hackers disguise themselves as a company’s CEO in an email.

“Recently, a company’s CFO received an email asking for all of the employees’ W-2 tax statements to be sent to him in PDF format,” Hegarty says. “The CFO did the right thing. He reached out directly to the CEO saying, ‘Do you really need this from me?’ and the CEO had no idea what he was talking about.”

The con artists will hack into a company’s internal email servers and do reconnaissance for perhaps several weeks before launching their attack. “Often, it’s the result of the cyberhackers being in your system for quite some time in the background,” he says. “They sort of learn what’s going on in your organization and then they target emails specifically to try to take advantage of the knowledge they’ve gained.”

A local company, which was not identified, fell victim to the scam. “There was a CFO that received a correspondence from the company’s CEO on a really high-level deal that was occurring,” Hegarty says. “He needed money transferred in order to make it happen. Everything was to be kept confidential and the losses for this corporation were in the tens of millions of dollars.”

The best defense is having strong firewalls and remaining vigilant to check up directly on email requests that seem out of the ordinary, involve employees’ personal information or large amounts of money.

 

Share this:

  • Facebook
  • Twitter

Filed Under: Business, Crime / Courts, News

Featured Stories

Reynolds signs her ‘school choice’ bill into law

Governor Reynolds touts 2024 Iowa Caucuses in Inaugural Address

University of Iowa grad presiding over U.S. House Speaker vote

Iowan who was oldest person in the U.S. dies

Iowa Lottery to start making some payments via debit cards

TwitterFacebook
Tweets by RadioIowa

Iowa State names new receivers coach

No. 2 Iowa visits No. 1 Penn State in wrestling dual Friday night

Iowa’s Clark brings increased exposure to women’s basketball

No. 18 Iowa State women visit TCU

Northern Iowa men host Valparaiso

More Sports

Archives

Copyright © 2023 · Learfield News & Ag, LLC