CyberSmart Series: May 2024

Hello HCN customers,

Welcome back to the latest edition of the CyberSmart Series, our dedicated effort at HCN Bank to keep you informed and protected in the evolving landscape of security and technology. This edition highlights a rising threat in the digital realm that has been affecting banking clients, including those at HCN Bank.

Business Email Compromise: A Growing Threat to Your Organization

In recent years, Business Email Compromise (BEC) has emerged as a significant threat to organizations of all sizes, causing substantial financial losses. BEC is a sophisticated scam targeting businesses working with suppliers and businesses that regularly perform wire transfer payments.

Here's What You Need to Know:

Cybercriminals use various methods to carry out BEC:

• Email Spoofing: They make emails appear as if they are from a trusted source, such as a senior executive or a partner company.
• Hacking: Criminals gain access to legitimate business email accounts, often through phishing attacks or security vulnerabilities.
• Social Engineering: They manipulate employees into leaking confidential information, usually usernames and passwords

Our Recommendations:

• Verify All Requests: Always confirm requests for money transfers or sensitive information. Use a secondary communication channel for verification, such as a phone call to a known number.
• Educate Your Employees: Regular training on the risks of BEC and how to recognize phishing attempts is crucial. Awareness can prevent many of these attacks.
• Implement Advanced Security Measures: Use multi-factor authentication and continuously update your email systems' security to protect against unauthorized access.
• Review and Strengthen Financial Controls: Ensure that your financial policies require multiple approvals for transactions above a certain threshold.

We hope these insights help safeguard your business against BEC. By following these recommendations, you can significantly lower your chances of becoming a victim.

Stay tuned for more updates and tips in our CyberSmart Series. If you have any questions feel free to contact us.

Mickey McGuire
Executive Vice President | Chief Information Officer / Director of Bank Operations
3715 Sunnyside Dr. | Riverside, CA 92506
P: (951) 248-2010 | E: mickey@hcnbank.com

About HCN Bank:

HCN Bank is a full-service community bank that has been serving the Hemet community since 1974. With a commitment to personalized service, innovative solutions, and strong community relationships, HCN Bank offers a comprehensive range of financial services to individuals, businesses, and organizations.