Advice Centre: Tips to Protect Yourself from Online Fraud
Banks and other businesses have sophisticated security systems in place to protect your personal and financial information and provide you with a safe online environment. Criminals know these strong protections are more difficult to overcome, so they often try to get your confidential information directly from you. To avoid becoming a victim, it is important to familiarize yourself with frauds that could impact your business, and take the steps to help protect yourself.
Types of Frauds Impacting Businesses:
- Transaction Instruction Fraud
- Wire Payment Fraud
- E-mail instruction Fraud
- Account Takeover
- Cybercrime (Spyware/Malware)
- Suspicious Business Proposals
Easy Steps to Protect Yourself:
- Be alert to instructions or transactions that are outside of the norm
- Confirm changes to your account or instructions directly with your counterparties by phone or in person (not via email)
- Advise our Accounts Payable team to immediately call existing counterparty contacts whenever there is an update to sensitive infomration (e.g. banking information,comapny mailing address, key contact names,business name). This will help to validate that change request is from the actual counterparty and therefore legitimate.
- Ask yourself, does this request make sense?
- Ensure your computer is regularly examined for spyware/malware and change e-mail passwords on a computer that is not compromised.
- Use strong passwords that are at least 12 characters long, and use combinations of upper/lower case and numbers.
Watch the following video to learn more about fraud-prevention tips for businesses.