Recently, Jeffrey Ihm was sentenced to eleven years and eight months in federal prison after being convicted of multiple criminal counts related to his business email scam through which he managed to steal $2,234,681.
Ihm posed in emails as executives of a number of legitimate companies, such as Roper Industries and tricked Well Fargo Bank and other financial institutions to send him the money.
This scam, which is often referred to as the business email scam has become a serious problem in the last couple of years with many companies becoming victims of the scam.
The key for businesses is to have a protocol in place in regard to approvals necessary and verification required before paying bills, particularly when funds are requested to be wired.
The lesson also applies to all of us as individuals. Scammers also send phony bills that appear to individuals that appear to come from companies with which we do business, but with a different address to send the money. Never send a payment to a different address from that which you have done in the past unless you have verified both the accuracy of the bill and the address.