Fraud Watch May 2025: Business Email Compromise is On the Rise

Fraudsters are constantly evolving their tactics, and this month has been no different. From intercepted business emails, phone calls, or faulty QR codes, it’s more important than ever to stay informed this summer.

This month, we’re spotlighting three trending scams: business email compromise, including how our customers have been targeted, Google support phone scams, and how to spot faulty QR codes. Read on to learn how to recognize the red flags and keep your money safe.

Business Email Compromise

According to the 2024 FBI Internet Crime Report, Business Email Compromise (BEC) losses totaled $2.77 billion.

Scammers are experts at intercepting these emails and pose as CEOs, accountants, vendors, or partners sending emails requesting urgent wire transfers or sensitive information. These messages often look legitimate and come from familiar names and email addresses, making them hard to spot.

From Our Anti-Money Laundering Officer:
Several BankSouth customers are getting wire instructions that have been hijacked by bad actors (scammers) and providing incorrect information. The information instead provides instructions for businesses to send the wire to the bad actors instead of the intended receiver.

How to Protect Yourself:

• Always verify financial or sensitive requests through a trusted phone number or in person.
• Check the URL before you proceed. Most phones and email clients reveal the link before proceeding. Make sure it looks accurate and is secure with “https.”
• Be cautious of last-minute changes to payment instructions or payment method updates.
• Double-check email addresses for subtle changes.
• Before confirming a wire transfer, take a moment to verify all information. Once the funds are sent, it may not be possible to recover the funds.

Learn how to spot email fraud fast in our recent blog post.

Google Support Phone Scams

If you receive a phone call from Google that sounds very professional and claims that your account may have been compromised, proceed with caution. Scammers who are posing as Google representatives often direct you to click links in email, point you to a website to visit, or request you provide them with login “verification” codes.

How to protect yourself: According to Google, they do not make calls regarding account security issues. If you receive one of these calls, hang up immediately. Never click unknown links or share personal information unless you initiated the conversation with a trusted company or individual.

Fake QR Codes

From restaurant menus to parking meters, QR codes are everywhere these days. However, not all are safe. Scammers are finding ways to fool you. Bad actors are placing fake QR codes in public places that lead to phishing sites and payment scams.

How to protect yourself: Inspect QR codes before scanning. If it’s a sticker or looks tampered with, don’t scan it. When in doubt, manually type the web address or use a trusted secure app.

Source of this month’s scam information:

https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/business-email-compromise

https://support.google.com/business/answer/6212928?hl=en

https://states.aarp.org/new-hampshire/scam-alert-be-on-the-lookout-for-these-scams-in-may-2025