Cybercriminals are targeting small businesses with increasingly sophisticated attacks. “Corporate account takeover” is a form of identity theft of a business. Criminals phony emails pretending to be someone you know to trick you into clicking on links or attachments that can lead to malicious software being installed on your computer. Once this happens, they will ask you to enter credentials where they will gain access to your email account. At that point, they will send emails to the bank appearing to be from you to initiate ACH and wire transactions.
To paraphrase a famous expression: When the going gets tough, the scammers get going. Scammers are even identifying themselves as bank employees to steal information and cash. With COVID-19, the fraudsters are out in force, seeking to take advantage of the widespread anxiety generated by the global pandemic.