Stay Vigilant: October Is Cybersecurity Awareness Month

Published on September 30, 2025 | Webster Bank

Protect Your Business from Today’s Most Costly Scams

October is Cybersecurity Awareness Month—a timely reminder that cybercriminals never take a break. For businesses, even a single successful scam can mean significant financial loss and reputational damage. Here are four of the most common—and costly—frauds we’re seeing right now, along with practical steps to help you stay protected.

1. Verification Code Scams: A Growing Threat

Fraudsters often impersonate a trusted source—like your bank, a vendor, or even a coworker—and claim they need to “verify” an account or transaction. You’ll receive a one-time verification code and they will pressure you to share it over the phone, email, or text.

Protect Your Business:

• Never share passcodes. Your bank or legitimate vendors will never ask for one-time or multifactor authentication codes.
• Pause and confirm. If someone contacts you unexpectedly for a code, hang up and call the organization using a known, official number.

2. Invoice Scams: Fake or Altered Bill

Cybercriminals may send realistic-looking invoices for services never rendered, or they may intercept legitimate invoices and change payment instructions.

Protect Your Business:

• Verify before paying. Always confirm new or changed payment details directly with the vendor.
• Use dual controls. Require at least two people to review and approve invoices.

3. ACH & Wire Redirection: Hijacking Funds

Fraudsters may spoof an email from a supplier or employee, asking you to reroute ACH or wire payments to a fraudulent account.

Protect Your Business:

• Call to confirm. Before processing any changes to account or routing numbers, contact the known vendor or employee using a trusted phone number.
• Set up alerts. Many banks offer tools to flag unusual payment requests

4. Payroll Fraud: Ghost Employees

Scammers create fake employees or change legitimate payroll information to divert wages to their own accounts.

Protect Your Business:

• Audit payroll regularly. Review employee lists and payment records for discrepancies.
• Separate duties. Ensure the person entering new employee information is not the same person approving payroll.

Build a Culture of Cybersecurity

Technology helps, but employee awareness is your strongest defense. Provide regular training, implement multi-factor authentication across systems, and maintain up-to-date security software.

This Cybersecurity Awareness Month, take time to review your internal controls and educate your team. A few proactive steps today can help protect your business—and your customers—tomorrow.

Your security is our priority. If you ever have questions or need guidance on safeguarding your accounts, please contact us right away.