Security Alert!




July 21, 2016

Security Alert!

Hacking, fraud and major losses are affecting our industry.

Last month NYGA (New York Gemstone Association) put its members on alert.

Some NYGA Members have been victims of Cyber Crime lately.  Email accounts were hacked and wire transactions were requested to be sent to fraudulent accounts. Similar incidents have taken place with overseas suppliers, whose email accounts were compromised and instructed US companies to transfer funds into fake accounts.

NYGA invited a security company to guide and prevent future fraud incidents from its members followed by Email alert. In addition the organization added a guidance section in its website:
Hacking – Basic Awareness

The latest major incident apparently targeted the GJEPC – Gem and Jewellery Export Promotion Council with a loss of $715,000 being transferred to a fraudulent bank account.

NYGA advises its members to be vigilant and take precautions prior to wire transactions.


·        Confirmation by with recipient both prior to and after transmission phone.

·        Have your companies Wire instructions printed or stamped on each invoice

·        First time transaction should be in small amount and reconfirmed upon receiving the funds.

Preventive measurements:

·        Highly secured Email password

·        Change Email password periodically

·        Do not open suspicious Email

·        Do not reply to suspicious Email

·        Change passwords when firing employees

·        Do not give away password information or any other information requested by phone or Email by any Bank or Credit Card company.

·        If you feel that your computer and email accounts have been compromised , get professional help immediately to fix and remove these problems.