Article has no nextliveshere tags assigned

Article has no topics tags assigned

Article has no colleges tags assigned

Description is empty

Article has no audiences tags assigned

Article has no units tags assigned

Contacts are empty

These messages will display in edit mode only.

UC Goering Center news

Five tips to help safeguard your organization's email

Provided by Steve Mullinger for US Bank

Business email compromise (BEC) scams target domestic and foreign businesses that regularly perform payment transfers. And this continues to be a number one fraud threat for organizations. Data from the FBI estimates that the total loss of this global threat is in excess of $26 billion (Source: FBI data). This data helps illustrate the need for heightened awareness and vigilance. To shield your organization from fraud, there are several internal control enhancements and security practices to consider. While no single control or set of controls will prevent your organization from being a target, we suggest these five tips to prevent your organization from falling victim to BEC:

One: Confirm and verify email requests transfers.

Contact the requestor by phone using an independently obtained phone number or one that you already have on file. Pay special attention to transfers requested to new or recently updated accounts. Nearly all BEC scams can be stopped in their tracks if organizations adopt this basic control.

Two: Use dual control for money movement activities.

This allows for two levels of scrutiny and authorization to help stem the risk of illegitimate funds transfers.

Three: Use multi-factor authentication for web-based email accounts.

Fraudsters may leverage actual accounts of executives with email credentials pilfered from spear phishing campaigns. Multi-factor authentication adds another layer of control to deter cyber crooks from accessing employee accounts.

Four: Communicate quickly when fraud or security events occur.

Notify your key banking partners and information security staff immediately if you suspect BEC. If appropriate, contact law enforcement and file a complaint with the FBI Internet Crime Complaint Center.

Five: Create awareness within your organization.

Evaluate staff adherence to internal controls by using real-world security awareness testing. Finally, review your current payment controls to keep your organization safe from BEC.

Steve Mullinger is a senior vice president at US Bank. Reach Steve at or at 513-632-2542.

Featured image at top: Maxim Zhgulev

About the Goering Center for Family & Private Business
Established in 1989, the Goering Center serves more than 400 member companies, making it North America’s largest university-based educational non-profit center for family and private businesses. The Center’s mission is to nurture and educate family and private businesses to drive a vibrant economy. Affiliation with the Carl H. Lindner College of Business at the University of Cincinnati provides access to a vast resource of business programing and expertise. Goering Center members receive real-world insights that enlighten, strengthen and prolong family and private business success. For more information on the Center, participation and membership visit

Related Stories

UC Goering Center news

July 7, 2020

By Anthony C. Kure Many of us fondly look back on the 1980’s. The music, TV, movies and style are distinctly memorable. For savers and retirees, there is nostalgia for the higher interest rates. These higher rates on bonds and cash, sometimes in the double-digits, generated healthy income. Some retirees could fund all their needs with the interest income from a portfolio of all bonds. When supplemented by Social Security and even a pension, much more common then, investors were less dependent upon stocks, and as a result, less concerned about volatility. Today the notion of living off bonds alone is unrealistic for a vast majority of investors. Yields on the 10-year U.S. Treasury note are less than 1%. High-quality corporate bonds yield a little more, but not much. So retirees living off their investment portfolio need a growth engine to keep up with inflation and sustain purchasing power. That growth engine is stocks. Stocks have a long track record of outpacing bonds, but at a cost. 2020 has served as a reminder that stocks can generate gut-wrenching paper losses. Without the proper approach and mindset, these market declines sometimes lead to panicked reactions. Some simply can’t endure and decide to sell all their stocks in hopes of avoiding further pain. This reaction may provide a little better sleep in the short-term, but it also locks in permanent losses, jeopardizing the success of a retirement plan. So what can be done to avoid such a disaster?

Debug Query for this