Online fraud is a growing trade for cybercriminals, with the UK seeing the biggest increase in the last 12 months, with 84% of merchants confirming an increase in online fraud.
This International Fraud Awareness Week, we take the opportunity to share some key red flags you should look out for to keep your business safe.
With Christmas also rapidly approaching, it is even more critical to ensure vigilance as cybercriminals often increase their activity around this time as people are often more relaxed and purchasing more online.
What is International Fraud Awareness week?
International Fraud Awareness Week is a week that happens every year in November. Hundreds of organisations globally, including CTRL-S come together to spread fraud awareness to businesses and communities.
Fraud is any activity that relies on deception to achieve a gain. Online fraud works in the same way via digital means. Cybercriminals exploit vulnerabilities in human behaviour to cause damage.
This rapidly evolving threat encompasses a variety of tactics, such as phishing scams, identity theft and malware attacks. As technology continues to advance and more transactions migrate online, this risk will continue to grow.
International Fraud Week aims to raise awareness and inspire organisations to provide fraud awareness training.
Providing fraud awareness training to your team is not just effective, it’s critical. A study by the Association of Certified Fraud Examiners (ACFE) found that organisations that provided employees with fraud awareness training declared a 38% decrease in loss and a 33% decrease in fraud duration. This training can empower your team to combat fraud effectively.
What should I look out for?
It is everyone’s responsibility to look out for their business and themselves online and identify disingenuous or malicious content.
Common Fraud Schemes:
- Phishing scams– Where individuals are deceived into revealing sensitive information through email, SMS, messaging apps or social media.
- Business email compromise (BEC)- An attack where cybercriminals impersonate legitimate businesses or individuals and trick employees into revealing sensitive information or making an unauthorised payment.
- Invoice fraud- Where invoices are altered by a malicious party to redirect payments to unauthorised accounts.
- Payment card fraud– Where a business payment card is used in an unauthorised place or unintendedly at a malicious source.
- Social engineering- When individuals are manipulated into giving othersaccess to systems or information. This is typically done unknowingly to the victim.
Identifying Red Flags
Fraudulent requests can often be identified by key red flags, including:
- Unusual requests or urgent demands -Be cautious of unexpected requests, especially those that require immediate action. It is best to confirm these with the individual via an independent medium before completing the request.
- Changes in contact information– Verify any changes to vendor or supplier contact information through a separate communication channel to ensure that the request is genuine.
- Suspicious links or attachments- If links or attachments are provided in places they normally would not or they appear suspicious, these should be verified with the sender or investigated by IT before opening. It is also important to be even more careful with links or attachments from unknown sources.
- Spelling, grammar or branding errors– Poorly written or designed messages may indicate a fraudulent attempt. Always pay close attention to communication, and if it does not match the expected format, verify its authenticity via a different communication channel with the sender.
CTRL-S’s top tips to stay safe
- Provide employee awareness training– As highlighted by the ACFE’s study, this can greatly decrease the losses experienced by fraud. Our Cyber Wise program makes it effortless for your business to implement relevant and effective cyber security training.
- Strong technical security measures-Using technology such as email spam filters, firewalls, multifactor authentication, and antimalware software makes it more difficult for a cybercriminal to penetrate your network.
- Ensure network access is minimal– Only allow employees access to the minimum amount of data required to complete their specific role.
Get in touch today to learn more about how we can help you stay safe this International Fraud Awareness Week and beyond.
