Purchase Order Scams Now Targeting Construction Suppliers
Construction company contractors and their suppliers are the latest target of purchase order scams. Specifically, con artists are directing their efforts towards universities. “Using email as the primary method of communication, or in some cases a phone, the scammers will attempt to get a quote for products from a given vendor. Once the quote is delivered, the scammers will either develop a PO, or forge an existing one, and have the vendor ship the products, explains Steve Ragan, who writes for CSOonline, a risk management and security news group. “Most of the POs use Net-30 as the payment terms, meaning there’s a 30-day window to pay for the product, leaving plenty of time for the scammers to get away with their crime. Otherwise, they’ll use a credit card (stolen) to pay for the items directly.” You may want to share this with your vendors.
