Business meeting.

Fraud Resources for Businesses

Business fraud is on the rise. Learn how to protect your business.


Criminals are deploying more sophisticated schemes to commit fraud. Below are some common fraud schemes to be aware of and what you can do to protect yourself.

Phishing


What is it?
  • Phishing is when you receive an email or text that looks like it's from someone you know, but it's really from an imposter.
  • If you click on a link in the email, the scammer can install ransomware that can give them unauthorized access to steal your information or lock you out of your entire company network and ask for a ransom to regain access.
 
 
How to protect your business:
  • Train your employees to be suspicious of phishing attempts.
  • Don't click on a link in the email or reply with any sensitive information such as a password or bank account information.
  • If you have any doubts about the email, call the sender to verify they truly sent the email. Use a phone number you know to be correct, not the number in the email or text.

Verify Invoices and Payments

Business email compromise is a sophisticated financial crime to steal money from your business.

What is it?
  • Your company may receive an email from a known source making a legitimate request, such as a vendor you regularly deal with that sends you an invoice with an updated mailing address or new payment remittance information.
  • The scammer may use an email address with variation that appears to be authentic, or the scammer may have unauthorized access to the vendor's email system and be using the vendor's actual email address.
 
 
 
 
How to protect your business:
  • Review all invoices closely.
  • Be suspicious of any changes in payment instructions. Verify any change in account number or payment procedures by calling a known contact at the source making the request, not a number in the email.
  • It is common for the sender to create a sense of urgency. Don't let anyone rush you into sending a payment before you fully investigate their claims.
  • Don't pay if someone demands payment with a wire transfer, cryptocurrency, or gift cards.

Unauthorized Transactions


What is it?
  • Check fraud can happen when someone modifies a check to change the payee or amount.
  • ACH fraud can occur when a criminal has your bank account number and bank routing number and transfers money out of your account.
 
 
How to protect your business:
  • Criminals can gain access to your bank credentials through a data breach or email phishing. Keep your network secure by requiring strong passwords and keeping your software up-to-date as updates are released.
  • Review your bank transactions frequently and turn on alerts to be notified of transaction activity.