HONOLULU (HI Now) - Protect your money from business email compromise scams Business email compromise (BEC) is a fast-growing financial threat targeting companies across Hawaii. Central Pacific Bank’s VP of Corporate Communications Tim Sakahara shares key warnings and actionable steps to help local businesses stay safe.
What is Business Email Compromise?
BEC occurs when a scammer impersonates an executive or trusted partner, asking employees to update direct deposit info, change vendor payment details, or purchase gift cards. Fraudsters execute this by spoofing email addresses (changing just a single letter) or hacking directly into real email accounts.
“Fraudsters are constantly evolving, finding new ways to steal. We all have to stay ahead of them so you keep your hard earned money,” said Sakahara. “Whenever an email pressures you to bypass your standard office routine, that’s your cue to pause.”
Key Red Flags
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Always look past the sender line. Be cautious of:
- Sudden Changes: Unplanned requests to alter payment methods or bank routing numbers.
- Urgency & Secrecy: Pressure to act immediately or bypass standard approval processes.
- · Unusual Tone: Changes in grammar, style, or communication channels.
Safeguards for Local Businesses
Don’t rely solely on employees spotting fake emails—build protocols into daily operations:
- Verify Contacts: Never reply directly or use phone numbers inside suspicious emails. Call using official, on-file contact details.
- Dual Approval: Require a second person to approve large transfers or payment modifications.
- Multi-Factor Authentication: Turn on MFA to block unauthorized login access.
- Staff Awareness: Keep finance and payroll teams updated on common social engineering tactics.
What to Do If You’ve Been Targeted
Time is critical in recovering stolen funds:
- Contact Central Pacific Bank Immediately to request recall options or account holds.
- Secure Your Systems by changing compromised passwords, clearing hidden email forwarding rules, and saving evidence.
- Report the Crime to local law enforcement and online at IC3.gov (FBI).
- Notify Affected Parties if vendor or employee details were exposed.
For more fraud prevention tools, visit any Central Pacific Bank branch or go to cpb.bank. CPB is always here to help customers protect what they’ve built.
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