What is impersonation fraud? 

Impersonation fraud happens when a fraudster poses as someone you trust, like a bank employee, government official, or vendor, to lower your guard and trick you into: 

• Sharing sensitive account or payment information 
• Granting access to your bank account 
• Authorizing a transfer of funds

How impersonation fraud works 

Fraudsters can tailor their message to you with information that is readily available online: your name, company name, role, contact information, and more.   

They also use technology to appear even more credible. Spoofing tools make fake email addresses, phone numbers, and websites appear legitimate.    

Fraudsters rely on urgency and stress to pressure you into making a quick decision. The request can take several forms, including: 

• an urgent email from an executive instructing you to wire funds urgently 
• a phone call from your bank investigating a potentially fraudulent transaction in your account 
• a text from a government agency about a late tax payment  

You may be encouraged to screen share, click on links or attachments, provide sensitive information like PINs or passcodes, or to input your credentials. 

If you get an unexpected call, text, email or screenshare request from someone claiming to be from BMO, don’t share any information and contact us immediately via the “Contact Us” section in Online Banking for Business. 
 

Protect yourself from impersonation fraud 

• Be skeptical of urgent requests 
  Fraudsters can fake the email address or phone number of a trusted supplier, bank representative or executive and use it to request a payment from you. Verify the request by calling the requestor at a number you can independently verify. 
   
• Complete your 2-step verification setup  
  2-step verification is an added layer of protection that helps keep your account safe from online fraud attempts. Learn more about 2-step verification      
   
• Set up your alerts     
  Stay informed and in control of your balances, transactions and user activity with custom email or text message alerts. Learn more about Alerts 
   
• Spread awareness to your team 
  Share these tips and discuss how to recognize suspicious activity, so everyone stays informed and protected. 
   

Remember: 
If it is UNEXPECTED and URGENT, DON’T RESPOND. Instead, REPORT IT. 
 

We’re here to help 

If you suspect that you or your business has been targeted or compromised, get in touch with us immediately via the “Contact Us” section in Online Banking for Business. 

For more information and practical tips to help protect your business, see our BMO Security Centre.