Association treasurers have received suspicious emails requesting funds to be transferred via wire. The email is sent to the treasurer and utilized what appeared to be the president’s email address.

Here is an actual email received by a treasurer claiming to be from the president:

Hello Barbara

Bank of American
Acct number:488045795808
Address:6166 refound rd.Dallas 75231
name:marcus Steven

Email me with a copy of the wire confirmation as soon as the payment is done.

I cant give you much details at the moment, I am in a conference, the payment need to be completed today, I will send you the invoice when am back home, let me know how soon you can get this sorted.

This activity is most commonly referred to as phishing. In the fraudulent email, there may be links to spoof websites or even spoof email addresses that imitate an association’s website. If you Google “email requesting wire transfer” you will see lots of postings on this subject.

The emails will often state that there is an urgent need for you to update your information immediately. Once obtained, your personal information can be used to steal money or transfer stolen money into another account.

The fraudsters will often find your information from the board roster on the website to help authenticate their request for information.

Use caution if you receive an email expressing an urgent need for you to update your information, activate your online banking account, transfer money or verify your identity by clicking on a link. These emails may be part of a phishing scam conducted to capture your confidential account information and commit fraud.

While technical controls have been implemented to help minimize this from happening, the best prevention is board member education and association policies and procedures regarding the disbursement of funds.  The association may also want to consider removing the email addresses listed on the website board roster or at least removing the email address of the treasurer from the association website.

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