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Silicon Valley Bank Collapse & Uptick in Banking Fraud

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Scammers love taking advantage of chaos, and the collapse of Silicon Valley Bank and Signature Bank earlier this month has unleashed a tidal wave of chaos in the financial world. Cybersecurity experts have already reported that wire fraud and crypto scams are on the rise in wake of the bank closures.

How does fraud affect the home services industry? 

You may receive fraudulent emails, phone calls or SMS messages asking you to provide banking account details. 

Here are some ways you can avoid bank scams: 

Verify the sender’s credentials. Always check that the email address domain matches the sender’s organization. A representative claiming to be from ABC Bank won’t have an email address ending in @gmail or @hotmail. If you receive a phone call, cross reference the number on your caller ID with the number listed on the website. You can also call the number on the website and request to speak with the representative by name. If no one by that name works at the bank, then you just dodged a scam.  

Be wary of messages that seek to frighten you or spur urgent action. Scammers like to use fear and urgency to get their victims to act before thinking.

For example: 

[URGENT] Update Account Details Immediately Or Your Bank Account Will Be Shut Down

[ACTION REQUIRED] Payment On Past Due Invoice Required to Avoid Legal Action 

Alert your staff. Not everyone is internet savvy, and that’s okay. Let your staff know they should be on higher alert for fraudulent emails, phone calls, or texts. Finance, billing, and human resources departments are especially prone to attacks. Put a process in place so staff know how to quickly report potential fraud within your organization. 

A little bit of vigilance and preparation can go a long way towards protecting your business from fraud. 

If you have any questions about website security, please reach out to your BRD Account Manager.

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