• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

Experts warn cyber crime threat for car dealers increasing as conmen use pandemic quirks to steal cash

With many departments working from home, the vulnerabilities to attack have increased, warns accountants BDO

James Baggott by James Baggott
February 25, 2021
0
Home News

Car dealers face a growing threat from cyber criminals as a rise of more sophisticated attacks threatens the industry.

Accountants BDO have warned criminals are taking advantage of the pandemic and preying on firms in an attempt to steal cash.

Phishing emails – where the criminal masks their email address by pretending to be the CEO and requests cash to be paid to a new account – are particularly on the rise.


BDO head of motor retail Steve Le Bas told Car Dealer that with the rise of home working, especially for accounts departments, has seen the vulnerabilities increase.

Le Blas said: ‘The biggest risk for car dealers of all sizes – and we’re seeing this in other industries too – is the rise in phishing emails.

‘Criminals are getting increasingly sophisticated and pretend to be the CEO or CFO and ask for a payment to be made immediately. These sorts of requests can be overlooked by accounts departments and acted upon and money lost very easily.

‘We are aware of an email of this type going to a purchase ledger assistant late in the day and they decided to get it actioned before they left and the company lost £25,000.


‘We’d advise car dealers of all sizes to check carefully and have robust procedures in place to ensure the right checks are made before payments are made.’

The attacks are affecting business of all sizes. 

Last year, Honda saw production across the globe halted after a ransomware attack and only last week Kia’s dealer systems in America were compromised by a similar attack.

  • Honda cyber attack halts production
  • Kia hit by ransomware attack

However, BDO warns it’s not just the manufacturers who should be worried about cyber crime.

In a special report, the accountancy firm said there are now more entities that are ‘better equipped’ to perpetuate a cyber attack than ever before.

The report said: ‘The rewards are increasing, whether the value of data on the dark web or the size of the ransom requests being paid to avoid the leakage of sensitive information across digital and social media platforms.

‘This drives demand with more skilled individuals involved in criminal activity.’

It’s not just phishing attacks that car dealers should be mindful of either. Customer data is particularly at risk, especially as car dealers rely more on harvesting and storing it.

‘Cyber criminals know the value of this data if stolen and it’s highly likely that automotive will be in the upper quartile of targets for cyber attack,’ says the report.

BDO outlines a number of ways car dealers can protect themselves against the growing cyber threat, starting with a regular assessment of the attacks that they might face.

‘It’s essential all known and emerging threats are formally identified and evaluated,’ says BDO.

Car dealers should look closely at high risk users who may be at risk of phishing attacks and put a procedure in place to ensure they don’t slip up.

Le Bas added: ‘It’s very easy to click on an email when you’re busy and working from home and assume it’s from the person it says it is from.

‘Car dealers should ensure that payments are not paid out to new accounts without sign off from the CEO or CFO.’

One countermeasure dealers should think about employing is additional funding, says BDO. Investing in protection is key and the budget needs to be ‘adequate to attract the best skills’ to stop the attacks.

Holding service foils the deposit fraudsters and eases stress over disputes

  • Join our breaking news WhatsApp group
  • Listen to the latest Car Dealer Podcast
  • List of the Top 100 profitable car dealers in the UK

Get more from Car Dealer

  • Premium stories
  • Used car data
  • Magazine early access
Register

Or Sign in

Related Posts

News

As showrooms reopen, UK car industry eyes up £22bn lost in turnover during pandemic

April 12, 2021
Bentley axes Bentayga diesel in European markets
News

Used diesel car prices reached record high during 2021 lockdown

April 12, 2021
Revealed: The used car models that made for a mad March
News

Revealed: The used car models that made for a mad March

April 12, 2021
All of Marshall Motor Group boss’s tweets counting down days to the grand April 12 reopening
News

All of Marshall Motor Group boss’s tweets counting down days to the grand April 12 reopening

April 12, 2021
News

Carzam launches new ‘Chat and Buy’ service to give buyers more consideration time

April 12, 2021
Used car market stronger than ever as August sees sales up by nearly 50 per cent for Big Motoring World
News

Joy and relief as showrooms across England and Wales throw open their doors to the public once again

April 12, 2021

Want the latest news?

Sign up to Car Dealer's daily news email updates

Subscribe
Electrified vehicle registrations overtake diesels for the first time in Europe
News

What is stopping car buyers from switching to EV? Our exclusive white paper reveals all

April 8, 2021
How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed
News

How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed

March 12, 2021
Used Car Awards with Mike Brewer and James Baggott graphi
News

Who won what at the Used Car Awards 2020? Mike Brewer reveals our winning car dealers

March 12, 2021
Used Car Awards 2021 logo
Used Car Awards

Used Car Awards 2021 will be back in all their glory on November 29 hosted by Mike Brewer

March 17, 2021
The Newcomers: Here are the 10 electric car brands coming to a forecourt near you soon
News

The Newcomers: Here are the 10 electric car brands coming to a forecourt near you soon

March 30, 2021
Trophy Cars forecourt
News

Investigation: Meet the hyper-specialist car dealers making their money from weird and wonderful motors

March 12, 2021
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

February 10, 2021
BMW, Mercedes, Audi and Volvo, could they be sold under one roof?
News

Multi franchising: Premium brands rule out selling cars alongside rivals in same dealer – as others remain tight-lipped

March 11, 2021
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards 2020
  • Used Car Awards 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server 2