How can I tell if an email is a scam?

Before sharing confidential information, it’s important to learn how to identify a scam. 
 

How to avoid email account hacking

Email account hacking targets both you and your customers. Fraudsters often rely on "phishing" schemes to hack accounts, then request payment to a bank account that they control. 

"Phishing" is when scammers send a legitimate-looking email asking for secure information like usernames, passwords or other personal details. Fraudsters will send lots of these emails, hoping that an employee will take the bait.

Take steps to protect your business. Be alert:

1. Never give out personal information through email.
2. Confirm links are legitimate before opening them.
3. Look for spelling and grammar mistakes.
4. Encourage your customers to tell you if they receive any unusual emails sent from your account.

Here are some of the most common types of email scams:

Business email compromise (BEC) fraud
These scams target businesses which regularly send wire payments.  In this fraud, a criminal hacks into a corporate email system and deceives the employees into completing unauthorized fund transfers through impersonating high-ranking executives.
 

Phishing
A fake email that looks like a legitimate source is asking for your confidential information or directing you to click on a link or visit a website. The scams use real company names and logos to appear as official communications, such as notifications that bank cards have been suspended or that an information update is required.
​

Spear phishing
A version of the phishing scam where the emails are targeted to an employee with full administration/approval rights.
 

Wire payment fraud
A combination of the phishing and business email compromise scams. Criminals set up email addresses that closely resemble those of legitimate organizations to trick accounting into issuing a wire payment.
 

Remember

We’ll never ask you for personal information like passwords or PINs. If you feel your privacy or security has been compromised, please contact your BMO representative immediately or email us at:

Canada: phishing@bmo.com 
U.S. : phishing@bmo.com