CySecurity News – Latest Information Security and Hacking Incidents
Victims have experienced nothing but worry as a result of a real-world scam that takes the pleasure out of craft fairs. It may sound strange, but it’s a common criticism aimed at small/self-employed business owners who sell their own creations. They sell a range of craft-style things similar to those seen on Etsy and Redbubble in large quantities. Putting these products in front of live audiences at an event will almost certainly increase sales.
Vendor fraud denotes misdeeds executed on a company’s accounts payable (AP) for financial gain by vendors, or an employee. It’s a type of scam that includes misrepresenting a vendor’s or recipient’s account details in AP to reroute payments.
How does this bogus vendor fair operate?
Regardless of location, the mainstream follows a consistent pattern.
- The imposters create completely new Facebook accounts and frequently use the same name on many accounts.
- They collect information from potential fair exhibitors via multiple web forms wherein name, address, description of sold things, business name, and phone number are all requested.
- Payment inquiries are made at this point. The recovery of funds might range from “fairly easy” to “total disaster”
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