4 / 52
4
We care about the integrity of the account information you have with First Hawaiian
Bank (FHB). While we utilize various fraud monitoring technologies and strategies
to protect your company’s information, it is helpful for you to review your own
internal procedures regularly. The sophistication and frequency of computer attacks
is growing each year. Therefore, we urge you to review your security practices and
take precautionary measures as you deem appropriate. Please keep in mind that each
business is responsible for taking adequate measures to ensure that its computer(s),
network, and electronic communications systems are secure from unauthorized access
and manipulation.
Education about new and changing fraud trends is also a key for long-term success
in preventing cyber-attacks. Please share this information with your employees,
customers, family and friends.
According to law enforcement, one of the most common emerging threats in the
financial industry is the Business Email Compromise (BEC) scam characterized as
“a sophisticated scam targeting businesses working with foreign suppliers and/or
businesses that regularly perform wire transfer payments. The scam is carried out
by compromising legitimate business email accounts through social engineering or
computer intrusion techniques to conduct unauthorized transfers of funds.”
Sample Fraudulent Online Wire Scheme Using a Compromised Email Account:
A very common fraudulent wire scheme starts with compromising a business or
personal email account and disabling all security alerts, entering new contact
information, and thus, defeating out-of-band confirmation security measures and
preventing the victim from knowing that the account has been compromised. The
fraudster then uses this compromised account to submit a wire request to a trusted
customer who has no idea that account has been compromised. This wire scheme has
increasingly been utilized by criminals because it specifically targets the weaker or less
mature security programs to commit fraud.
Statistics:
BEC statistics reported to FBI’s Internet Crime Complaint Center from October 2013 to
August 2015 over 7,000 victims in the US alone with over $747 million in losses, which
combined with international law enforcement agencies during the same period, bring
the BEC exposed loss to over $1.2 billion (Source: FBI Public Service Announcement
I-082715a-PSA -
https://www.ic3.gov/media/2015/150827-1.aspx).
General Information
Security
Take Precautions Against Computer Fraud