Protect your Business from Fraud
Most businesses would like to think that they are protected against fraud. However, fraud against Irish businesses is on the rise. While most financial frauds still use telephone and emails to commit the crime, the frauds themselves are increasingly sophisticated. You are likely to get an email or a phone call from somebody you ‘know’ and ‘trust’. Fraudsters will manipulate their targets using what is known as ‘social engineering’ – essentially, they use information that is publicly available to trick you into taking an action that may not be in your company’s best interest. With many advances in technical security to prevent banks and companies being hacked, fraudsters have turned to targeting businesses directly. FraudSMART is a fraud prevention initiative which aims to raise consumer and business awareness of the latest financial fraud activity and provide simple advice on how best they can protect themselves and their money. As part of the recent Fraud Awareness Week, FraudSMART has updated their publication on how to ‘Protect your Business from Fraud’. Here are some of the top tips from the publication.
Top tips to prevent fraud in your business
- Ensure employees are fraud aware and understand the controls and procedures in place to prevent fraud.
- Don't assume you can trust caller IDs. Phone numbers can be spoofed so it looks like a particular company is calling even if it is not the real company.
- Fraudsters may already have basic information about you or your business in their possession (e.g. name, address, account details), do not assume a caller is genuine because they have these details.
- Be wary of payment requests that are unexpected, irregular or require changes to bank account details, whatever the amount involved.
- Always exercise caution when forming new relationships with potential customers, undertake appropriate due diligence.
- Always check your bank statements, and if you notice any unusual transactions, report them to your bank immediately.
- Don't allow yourself to be rushed. Take your time to do the relevant checks.
- If a supplier/service provider requests bank account details to be changed have a verification process in place before making payments.
- Ensure security and software is regularly updated and maintained using official and reliable software.
To download the FraudSMART brochure simply click here.