In today's digital age, financial scams are becoming increasingly sophisticated, and scammers are continually coming up with new ways to target unsuspecting people. One such scam that has been on the rise is the Payroll Diversion Scam. Let’s explore what the Payroll Diversion Scam is, how it works, and most importantly, how you can protect yourself from falling victim to it.

What is the Payroll Diversion Scam?

The Payroll Diversion Scam is a fraudulent scheme that specifically targets employees and their paychecks. Scammers use a variety of methods to trick individuals into diverting their paychecks to the fraudster's account. These methods often involve social engineering tactics and phishing emails to gain access to their personal and financial information.

Avoid Becoming a Victim of the Payroll Diversion Scam Work?

1. Scammers often initiate the scam by sending convincing phishing emails. These emails may appear to be from a legitimate source, e.g., HR department, payroll provider, or even a high-ranking company executive. They usually contain a sense of urgency, asking you to update direct deposit information or confirm bank account details.

2. Be mindful of the employee information you share online, as scammers can use it to impersonate your employees.

3. Visit thatsmybank.com to stay informed, keep yourself updated about common scam tactics and the latest cybersecurity best practices.

How Do You Protect Your Employees?

Protect your employee(s) by always verifying the authenticity of emails requesting changes to payroll or personal information. Contact your employee(s) directly to confirm any change requests.

Overview

Remember, scammers often use urgency as a tactic to pressure you into making hasty decisions. Take your time to verify any requests. The Payroll Diversion Scam is a serious threat to the financial security of employees. Scammers are getting more cunning in their methods, making it crucial for employers and their employees to be vigilant. Paychecks are hard-earned, and it's essential to safeguard them from the hands of scammers.