Protect your business: 7 common scams and solutions

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[voiceover] Companies experience email fraud when individuals click on a malicious link or provide personal information. The most common email scams appear to come from senior officers at your organization or from existing vendors. They can be difficult to differentiate from legitimate emails, especially as fraudsters become more sophisticated. Stay vigilant. If you see something suspicious, call the person who sent you the email and verify their request.

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[voiceover] Phishing is when hackers and fraudsters pretend to be legitimate businesses in order to steal your personal information or sign-in credentials. It’s a common tactic, because tricking people into revealing information is usually easier than breaking througha device’s defense systems. Beware of unsolicited requests for personal information from senders you don’t recognize, and don’t click on links in emails or text messages that look suspicious.

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[voiceover] Social engineering—or psychological manipulation—is the basis for nearly every attempted cyberattack. Cybercriminals can try to trick you into providing private information by offering fraudulent promotions or IT help over the phone or email. Verify any source that requests information from you, and never give out personal, financial, or company details unless you’re already familiar with the person on the receiving end.

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[voiceover] Password theft happens when hackers get username and password combinations from less secure sites, then use these passwords to make purchases, move money, or steal data. Strong password security defenses keep your employees and company safe. Promote best practices by requiring teammates to create secure, unique usernames and passwords for every online account they use. 

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[voiceover] Card skimming happens when a thief places a hard-to-detect device over a card scanner somewhere like an ATM or gas pump. As you swipe, the device intercepts and stores your information for the thief to take advantage of later. Whenever you use a card reader, watch for misalignments in the card-reading slot, or partially covered stickers or text. And play it safe—if anything seems out of place, try to use a different machine.

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[voiceover] ACH fraud is one of the fastest-growing types of deception techniques, especially as criminals create more sophisticated scams and use the latest technology to their advantage. A common trick is to infiltrate a vendor’s contact information and respond to apreviously sent message, so it appears to be part of the same chain or thread. Some even use details from social media to make the email, text, or online message seem like it's coming from a trusted contact.One of the best ways to prevent fraudulent transactions is to have close relationships with vendors.Check in with them to verify any unusual or first-time requests, changes in contact information or remittance addresses, or changes in wiring or ACH instructions. Whenever possible, confirm any change with two sources.Monitoring incoming ACH payments is just as critical. Truist offers fraud prevention services that allow you to block or review ACH debit transactions before they deposit to your account. We also offer a Universal Payment Identification Code, which gives you masked account numbers for receivables to help prevent unauthorized charges to your account. It can be good to remind everyone within your organization that time spent reviewing ACH transactions upfront can reduce time spent rectifying problems later. 

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[voiceover] Fraudsters no longer need to steal a physical debit or credit card to go on a spending spree at your business’s expense. Through sophisticated technology, criminals can now commit fraud by using a card’s information. This is called card-not-present fraud. One of the best defenses against this fraud is a series of simple security checks: always keeping cards in a safe place, not sharing cards or card information among employees, and actively reviewing transaction statements to identify and report suspicious card activity.Don’t forget to double-check the URL of retail websites to make sure you're shopping on the real site—some copycat sites can look very similar. Card information can also be compromised when someone uses an unsecured Wi-Fi network, such as the public connection at a coffee shop or hotel. If public Wi-Fi is your only option, follow best practices by encrypting your session or using a virtual private network.You may want to consider additional account protections, like restricting purchases to those that match a predetermined merchant code or using dynamic card numbers. And when cardholding employees leave the company, close any cards they had access to immediately. 

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