5 simple steps to prevent CEO fraud

Everyone seems to be talking about cyber-crime, especially 'CEO fraud'

It is not a way that the boss can steal money from his own company, but it is something which can affect all employees and cost the business money in the process. A BBC article demonstrates how important it is to take CEO fraud seriously.

It is very simple how it works. You receive an email from your boss, telling you that an urgent payment needs to be made today, whilst he is away from the office. There is always a compelling reason why it must be done quickly.  You process the payment – job done, and you will have a happy boss when he returns to the office. Except that a few days later it transpires that the email was not from your boss. And as a result, the money has now gone…to the cyber-criminals.

A few simple steps may have stopped the scam in its tracks:

  • Educate your team: The most important thing you should do is make your staff aware and keep them up-to date.
  • Always call to confirm instructions: Have a policy which says that staff must call to confirm any instruction like this.
  • Don not be fooled – always be suspicious: Do not just assume that because the email address of the sender looks genuine that it is real. The cyber-criminals have ways of covering their tracks.
  • Scrutinise: Always ask to see the paperwork to support any payment the organisation makes and make sure it stacks up.
  • Make sure your payment authorisation controls are strong: Finally, for large payments, consider having multiple people sign-off the payment.
fraud shadow hand on keyboard

With so many CEO fraud emails going around, the scammers only need a few to succeed to make their money. Do not let your business be one of the few who are caught out.

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