To safeguard your company against imposter fraud, we encourage you to implement the following steps we received from our bank:
- Educate your team
- Warn executives and staff of the threat. Tell employees to question payment requests received by email.
- Alert vendors and partners of the threat
- Inform them you no longer accept bank account changes by email.
- Protect your email account
- Only provide your email address to known contacts. Never give out your email log-on credentials.
- Authenticate all requests
- Verify by a different channel. Only use official contact info on file to verify.
- Use dual custody properly
- Double-check payment details. Authenticate payment requests before initiating and approving.
- Watch for red flags
- Pay close attention to even the smallest details of all payment requests.
- Monitor account activity daily
- Remember: If something feels off, it probably is.
Following are some security best practices to consider implementing: