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Always check before making a payment

As fraudsters employ new tactics to try and trick you into sending them money, it’s important to always remember to check any new payment requests.

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:

 

  1. Am I completely confident I’m talking to the person I think I am?
  2. Have I done everything possible to validate this request?
  3. 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:

 

  1. Never rely on an in-bound call for confirmation
  2. Use the contact details you hold on file – as fraudsters can set up fake websites and email addresses
  3. Speak to an individual to validate the payment verbally
  4. 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’

Fraudsters continue to find new tactics to target businesses through what are known as Authorised Payment Push (APP) scams. These scams – where fraudsters dupe people into sending a payment to them instead of the intended recipient – generated £138.7m of losses for businesses in 2019 alone.

Authorised Payment Push scams are nothing new. As businesses grow and supply chains widen, payments to suppliers can become less regular, which gives fraudsters an opportunity to win big. They have been impersonating suppliers, management teams or financial control by contacting businesses and sharing their ‘updated’ account details, to prompt you to redirect payments to them.

Confirmation of payee

The industry has introduced a new service called Confirmation of Payee to help prevent APP scams. The service enables consumers, businesses and corporations to check the name of an account against the sort code and account number, providing an alert confirming whether or not the account details and account name match.

Now, fraudsters are going so far as to create accounts that will match the name of the intended recipient, making it harder for you to spot a fraudulent payment. This could mean that your online banking says that the intended recipient account name matches the company or individual you expect to pay, when in fact the account is still controlled by a fraudster.

Always check payment requests on the phone

It is important to always check any new requests for payments or change of bank details. Ask yourself the following questions.

  1. Are you completely confident that the person you’re speaking to is who they say they are?
  2. Are you certain that you have done everything possible to validate this request?
  3. Are you comfortable putting your name against this payment?

If you find that you are unsure about any of the above questions, you should make a call to validate the payment. Using a trusted number that you have on file, contact the individual or business that appears to have made the payment instruction. When making a call back:

  1. Never rely on an in-bound call for confirmation; 
  2. Use the contact details you hold on file – as fraudsters can set up fake websites and email addresses;
  3. Speak to an individual to validate the payment verbally;
  4. And never feel pressured to make a decision.

These simple tactics can help to protect you and your business from fraudsters.

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