If you, or someone you know, has ever been the victim of fraud, you’ll know just what a distressing experience it can be. It’s violating and can leave you feeling unsure and vulnerable for a long time.
Fraudsters are always trying new ways to succeed – together, we can stop them from getting anywhere.
Leave the work against the technical parts of fraud to us. We have a dedicated team at Allica Bank whose sole responsibility is to prevent and investigate fraud.
Instead, you can arm yourself with knowledge and approaches to fight the parts of fraud that rely on social engineering. That’s where so many fraudsters find joy. Let’s ruin their party in just seven steps.
1. Take your time
If there’s one recommendation you take from this article, let it be this.
When you’re made to act quickly, for fear of something bad happening if you take too long, you won’t think as rationally as you usually might.
In all the chaos and rushing, you can miss little oddities and red flags. That’s why fraudsters love to create a sense of panic.
When they create a sense of urgency, they create an opportunity to slip things past you.
That’s why our headline advice for fighting fraud is to PRESS THE RED BUTTON AND HANG UP.
Pause, hang up, or shut it down entirely. Give yourself some space from the situation, whatever that looks like.
If you’re really talking to your bank, they’ll understand and let you take time to verify what’s going on. If you’re talking a fraudster, they’ll dial up the pressure and say whatever they need to keep you on the line.
Remember this: The more the caller pushes you to act quickly, the more cautious you should be. A bank will never ask you to move your money to keep it safe.
2. Keep your details secure
A nice, simple step you can take is to brush up on your security credentials.
Strong, unique passwords are the very minimum. Using the same, simple password everywhere might be easy on your brain, but it’s also giving fraudsters an easy way into your accounts.
You can always use a password manager to securely store your login details, including native apps like Microsoft’s Password Manager and Apple’s Passwords app. These tools keep your passwords in a secure vault, only accessible via your master password or other security credential(s) including two-factor authentication (2FA).
On the point of 2FA: you should also consider adding another layer of security to your most valuable accounts. Also called multi-factor authentication (MFA), it can make a huge difference to your security. If your password is one ‘factor’, something like your fingerprint or a one-time code sent to your phone is the second ‘factor’.
Google’s security research team found that on-device prompts “prevent 100% of automated bots, 99% of bulk phishing attacks and 90% of targeted attacks”.
Remember this: You should never share a one-time passcode with anyone. If you didn’t request it, you should be highly suspicious. Fraudsters will often tell you to ‘approve’ an alert message, or to give them a one-time code. Never share this information and always read the message carefully.
3. Stay safe online
As mentioned, we have lots of colleagues working on the security of our app and online banking, as well as building tools to catch attempted fraud in real-time.
Still, this is a team effort. There are some best practices for online safety that you can prioritise.
- Check you’re on the correct website – alllica.bank looks right if you scan it quickly, but there’s one too many Ls in the address. Never navigate to a web address that someone has given you. Always find the website independently.
- Make sure the website is secured by HTTPS by looking for the padlock symbol on the left of the address bar. Websites use this protocol to encrypt and safely handle your data.
- Keep your computer and browser updated. It can be annoying to go through the download-and-restart process, but many of these updates are provided to fix gaps and vulnerabilities in security.
- If you’re doing anything confidential – like accessing online banking or making an online payment – don’t use public wifi networks. Wait until you’re at the office or at home.
Remember this: You will have seen suggestions like this plenty of times before. They’re like seatbelts or brushing your teeth – they seem basic, but offer real protection.
4. Be extra careful with emails and messages
Your inbox is a prime target for scams and fraud. Clicking on a fraudulent link is like giving them the keys to your car.
Phishing emails and texts can be quite sophisticated, but there are tell-tale signs you should look for:
- Unexpected links and attachments
- Typos and formatting oddities
- A different email address to usual
- Asking you to take an action – e.g. “confirm this”, “open this”, “see your documents”
Google have developed a brilliant phishing quiz. Not only does it test your skills, it pinpoints the exact red flags you can find in each phishing example. We highly recommend giving it a go – it’s harder than you might think.
Remember this: If you receive an unexpected or suspicious email, contact the person or company through a different channel. Send your boss a Teams message, call your supplier directly – they can confirm if it’s legitimate or not.
5. Verify payment requests
It’s not uncommon for established businesses to have dozens of suppliers to manage. Nor is it uncommon for one of those suppliers to change their payment provider or bank account.
Unfortunately, fraudsters also know this. With one spoofed email, they could trick you into transferring money to the wrong account, for a fabricated invoice.
This is a matter of good relationship management, credit control and accounts receivable policies, and fraud awareness. They’re three very different areas, each with a potential entry point for fraud.
Remember this: If you’re told about a new payment account, verify it with your supplier directly. Pick up the phone and call them on a trusted number.
6. Train your team
We’re all busy and we all have more important things to do than fraud training. Except, nobody believes that after being a target for fraud. So many fraud cases end with “I wish I had spotted it”.
To be clear: we’re not interested in blame, but we are interested in preventing people from being targeted.
Making fraud part of the regular conversation for all colleagues is essential. Bake it into your onboarding process, quarterly training, and run tests and simulations to keep people’s acuity high.
You can hire an external trainer to help with this, but even asking your team to take 10 minutes to try Google’s phishing quiz today will be helpful.
Remember this: Fraud awareness is an ongoing process. One training session isn’t enough; it needs a regular cadence and relevant context to be effective.
7. Read your in-app prompts carefully
When you’re going through the steps to make a payment from your account, you have to click through a couple of different sections before completing it.
These sections contain important information, included with good reason, like reminders about verifying new payees and not acting under pressure. They’re one of our last lines of defence against fraud – popping up at the last possible moment before you send someone money.
It’s easy to become a bit desensitised to these steps, but we put them there to keep you safe. Stay switched on and take the time to properly read through these warnings and checks.
Remember this: A little bit of friction can be a big help for stopping fraud. We don’t want to make your life difficult, but we do want you to stay vigilant – this is our last chance to do that.
An ongoing risk needs ongoing management
Fraud is a scourge on hard-working businesses and innocent people. As a bank, we’re on the frontline of this fight. There’s no better feeling than knowing we’ve stopped fraudulent activity and protected a business from losing a substantial amount of money.
Sadly, we can’t stop every instance but that is what we strive for. Let’s work together, because a sophisticated attempt at fraud can catch anyone out.
With these seven steps, you’re going to make it much harder for fraudsters to access you and your money. The biggest challenge – and most rewarding goal – is to embed fraud awareness across your whole company. Start with one simple message:
PRESS THE RED BUTTON AND HANG UP.
Worried about fraud?
Check our fraud centre for more information, quizzes, and guidance to keep your business safe.
