Is Your QuickBooks Online Account Safe?

           Is your QuickBooks Online account safe? Most likely it is. There is a reason why they are the most popular cloud-based accounting software today. However, when something is popular with consumers, it is also popular with criminals looking to take advantage of any opportunity they can. Consider this real-life example of how we helped one of our clients recover from an account hack.

          The following details indicate a very sophisticated hack and underscore the need to be vigilant when it comes to criminals trying to steal your money. The Administrator’s account was hacked, and the associated phone number was changed. A Payroll Core subscription plan was added. This allowed the thief to add fake contractor names and associated email addresses. That step is key because this meant W-9’s were emailed to the “contractors”, filled out, and signed via DocuSign and then added to the Administrator User account. At this point the client’s bank account was connected to many different bank accounts set up by the fraudster. They were linked within QBO.

          The wrongdoer set up Direct Deposits for each of the phony “contractors” and began to pay them. It would only take one day for those payments to clear the bank. The client originally thought the payroll company was making a mistake. But upon further review by our team, it was clear that the transactions originated within QuickBooks Online. It was simple because all the fake documents established earlier made it possible. With so much information exposed, the client was advised to close that bank account. We advised QuickBooks of what was happening and helped the client to secure their account. Criminals are always changing their tactics so they can reach their goal of defrauding hard-working individuals and businesses. We can help you set up your QuickBooks Online account securely and create safety protocols.

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