In today’s world it’s not a matter of if an individual or business will cross paths with a fraudster, but when, so making yourself a harder target to scammers is key. It’s important to understand the potential threats and do your part to stay informed.
During the pandemic, companies’ client and vendor payment systems are being compromised more often and are sending fraudulent bills. This means that companies think they owe money or are behind on payments, when that’s not really the case. The real trouble is that when companies receive these fraudulent bills or post-due payment notices, they often don’t double-check to confirm the validity, and pay them. However, once the payment is made, it’s very difficult to recoup it.
The most important thing a business owner can do to combat these scams is to be vigilant. Double-check the requests you’re receiving and confirm that the documents are accurate. If you sense any fraud, pick up the phone and call your financial partner or your vendors. If something doesn’t feel right, it probably isn’t. Be sure to change your passwords frequently and make them difficult to guess and remember that you will never be asked to confirm or share your personal or financial information via email.
To learn more about how to protect yourself and your business from cyber fraud, listen to the Kansas City Business Journal’s recent podcast here‡.
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