
What to do if you suspect fraud
If you suspect there has any type of fraud on your account, it’s important you speak to us immediately. View the contact details of your local office
Fraudsters manipulate victims into providing confidential information or other actions that will compromise their security. Phishing involves emails which seem legitimate, but direct you to bogus websites or phone lines to capture your confidential information. Vishing and smishing are similar techniques where contact is made, respectively, by phone or text. There are other types of social engineering that specifically target businesses, such as CEO impersonation.
Fraudsters can pretend to be a senior person in an organisation – generally the CEO – to persuade an employee, particularly those in accounts, to make a payment. This usually takes the form of an urgent payment request from a third party, and may also say that the transaction is confidential and/or sensitive to prevent attempts at verification. This most often happens when the apparent sender is actually out of the office.
Fraudsters can pretend to be a supplier you legitimately owe money to, such as your insurance provider, office landlord or broadband provider. They send an invoice or bill either requesting payment or asking you to change the details of the account you pay into.
A cyber attack occurs when hackers illegally access your company’s IT systems to obtain confidential/financial information or to disrupt your business by taking control of its systems and holding them to ransom. System access is often gained via malicious software, known as malware, sent to you via email, encouraging you to click on a link or open an attachment.
Today’s working culture increasingly sees people operating outside the office. That can create security risks, particularly when using public, shared or unsecured Wi-Fi to access company information or files. There’s also the risk of someone simply looking over a shoulder to access information they shouldn’t have.
Fraudsters can pose as sales people, offering investment opportunities such as shares, gold, carbon credits or vineyards at a discounted price. They often use hard-selling tactics to persuade you, suggesting the offer is time-limited. Scammers may praise your understanding of risk and say you’ve been selected for an ‘exclusive’ chance. The high-pressure nature of this tactic is why they’re often referred to as ‘boiler room’ scams.
The shares they’re pushing may be listed on an illiquid market so can’t be sold, or may be a small unquoted company that, the fraudster claims, is planning to list. In other cases, the company may not exist or the share certificates are fake.
If you suspect there has any type of fraud on your account, it’s important you speak to us immediately. View the contact details of your local office