Automotive News - September 25, 2017 - Supplement - S8

Vendors can supply crooks
AN ENTRY INTO YOUR DEALERSHIP

A

uto dealerships work with a variety of vendors, creating new avenues for fraudsters
to attack the business.
First, someone posing as one of your vendors might try to trick your financial department into sending funds. Typically, the perpetrator will send a message asking you to
change the vendor's account profile or payment instructions. The message can be delivered via email - with a slightly modified email address to mislead the recipient - or by
postal mail, with contact information for the fraudster instead of the vendor's company.

A dealership should deem
creating a cybersecurity plan
as important as installing an
on-site security system on
the lot.

...............................................................................................

"

The best way to protect your business is
to institute procedures to check and verify
vendor information, to keep that information up to date and to limit the ways that
vendors can access your company's data.

"

...............................................................................................
Usually, the requests are inconsistent with established protocols. For instance, the
"vendor" will ask the dealership employee to change his company's profile, address or
bank information in the dealership's database. Or the email might ask the dealership to
change the name of the contact person for the vendor. Typically, the message or letter
will include a request for a confirmation email when the changes are completed.
Second, if one of your vendors' technology or payment systems is compromised by
fraud, it also could affect your business if you haven't put in place the proper controls,
security and liability agreements.
The best way to protect your business is to institute procedures to check and verify
vendor information, to keep that information up to date and to limit the ways that vendors can access your company's data.
"Every vendor you do business with is an extension of your business to some degree,"
says Mary Rosendahl, director of Global Digital Channels, Fraud Education & Risk Management for Global Transaction Services at Bank of America Merrill Lynch.
"Fraudsters look for backdoor ways to attack businesses. As you think about fraud
protection, you need to install a strong vendor management program."

8



Table of Contents for the Digital Edition of Automotive News - September 25, 2017 - Supplement

Contents
Automotive News - September 25, 2017 - Supplement - Intro
Automotive News - September 25, 2017 - Supplement - S1
Automotive News - September 25, 2017 - Supplement - Contents
Automotive News - September 25, 2017 - Supplement - S3
Automotive News - September 25, 2017 - Supplement - S4
Automotive News - September 25, 2017 - Supplement - S5
Automotive News - September 25, 2017 - Supplement - S6
Automotive News - September 25, 2017 - Supplement - S7
Automotive News - September 25, 2017 - Supplement - S8
Automotive News - September 25, 2017 - Supplement - S9
Automotive News - September 25, 2017 - Supplement - S10
Automotive News - September 25, 2017 - Supplement - S11
Automotive News - September 25, 2017 - Supplement - S12
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