Scams targeting businesses are common and it is important to be alert to these. We look at a few here.
Have you received a request to change a supplier’s bank details?
A fraudster may have gained access to a compromised email account belonging to the employee of a supplier’s finance team. This may be used to communicate with you to change bank details. Always check directly with the supplier on a known telephone number (not one on the communication) before making any payment.
Have you received a large (or unusual) order out of the blue?
Be wary if the payment is made by cheque or Bank Draft as often fraudsters get in contact to amend or cancel the order and request a refund asking for an electronic payment. It often turns out the original cheque or Draft is returned unpaid and you incur the resulting loss. Ask questions when taking an unusual order, make sure the payment has cleared and irreversible before making any refund especially if this is requested to be paid to a different account or by a different method.
Have you received communication from your bank regarding suspicious transactions, malicious software or there’s an internal investigation and you must avoid contacting bank staff?
Contact is often notified as urgent to get you to act as quickly as possible, giving you minimal time to think about whether the call is fraudulent. In the moment, panic or a lack of concentration can happen so it is important to take a step back, think twice and double check first by calling back the Bank on a known number, not one that someone has given to you.
Conclusion
Regular staff training and vigilance is key, alongside keeping up to date on possible scams via your bank’s security section on their website and that of the National Cyber Security Centre.
If you require more help or advice please contact Malcolm Baker on 01202 715950.
This article is featured in the July edition of the Dorset Business Focus magazine. Read on the online version here.