The pandemic has saw the rise of big fraud threats, with SMEs being particularly targeted as they often do not have security systems as robust as larger organisations.  With new security processes being quickly implemented, there may be gaps in the chain which fraudsters could exploit. Now, more than ever, your business needs to be aware of these threats and how to protect yourself against them.

Invoice redirection

Whilst this has been a tactic long used by fraudsters, the current ‘working from home’ climate has saw the threat become even more prevalent today.

Fraudsters will often use a spoofed email address, similar to the address used by your regular supplier, requesting that all future payments should go to a new bank account. It is often only when a reminder comes from the real supplier to pay up that the organisation realises what has happened. Unfortunately, this is often too late as fraudsters will quickly move money out of the bank account once it is received.

How can you protect your small business?

Be informed – Have controls in place such as a verification process when changing payment details. Make sure all employees are aware of these controls, and even consider providing your employees with cyber security training.

Be alert – Do not assume that because someone knows your basic business details that they are genuine, always be aware. Always check email addresses, even for the smallest details.

Be secure – Try to keep your security up to date and use reliable software, it could be extremely worth while in the long run. Always undertake thorough due diligence checks when taking on new customers.

It does not always have to be about expensive software when it comes to protecting your SME against fraud. Low-cost measures such as basic training and taking your time to do the relevant checks could go a long way to protecting yourself.

If you do fall victim to fraud however, remember to act fast. Here at RB+ we take pride in offering bespoke advice to our clients so that they can protect their business against fraud, which is especially important during these times.

If you worried about protecting your business or would like some advice, get in touch by emailing info@rossboyd.co.uk or calling 02895320155.

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