In an uncertain and face-paced business world payments to your suppliers can be more ad hoc and less regular. Fraudsters are adopting new tactics with a view to winning big. Their game-plan is to impersonate your suppliers, management teams or financial control by email or phone share their ‘updated’ account details and prompt you to inadvertently redirect payments to them. The account name might even match the intended payee making it harder to spot the fraud this can mean a long-term hit to your business.
In 2019, UK businesses lost £138.7m to this type of fraud alone. But you can take steps to strengthen your defence. Ask yourself:
- Am I completely confident I’m talking to the person I think I am?
- Have I done everything possible to validate this request?
- Am I comfortable putting my name against this payment?
If the answer to any of these questions is ‘no’ use a call back to validate the payment. A call back is where you confirm any instructions using a trusted number you have on file. When making a call back:
- Never rely on an in-bound call for confirmation
- Use the contact details you hold on file – as fraudsters can set up fake websites and email addresses
- Speak to an individual to validate the payment verbally
- And never feel pressured to make a decision
Using these tactics can help you stay one step ahead of the fraudsters.
Don’t let fraud be a game-changer for your business.
For more information on how you can stay ahead of fraudsters search ‘Barclays Corporate fraud awareness’