It happened in South Florida.
But it can benefit businesses everywhere.
Because this fraud-prevention forum between Regions Bank and the South Florida Business Journal shared key insights any company can put into practice.
The Sooner the Better
You’ve seen headlines about schemes like ransomware, where fraudsters hack into a company’s system and hold vital information hostage unless the company pays a ransom.
But that’s not all today’s businesses are facing. Scams like check fraud may not get the headlines. But it’s still a trick of the trade for fraudsters.
Then there’s business email compromise, where bad actors stage an email to make it look like it came from the boss. They might even have the email address correct, down to the letter. Then, they email instructions to someone in the company – and request a big transaction.
Wanting to comply with the boss’ orders, the employee makes the financial move. Only to find out the request came from fraudsters who made it look like they were the boss – and it’s often too late for any bank to recover the funds after they’re wired away.
So what’s a company to do?
Stop. Call. Confirm.
It sounds simple. But these three steps are routinely the best line of defense.
“It’s a whole lot easier to explain a five-minute phone call than to explain a $100,000 loss,” said Jeff Taylor, head of Commercial Fraud Forensics for Regions Bank.
He’s right. If you think you’re being a little paranoid in making sure a transaction was really requested by the boss – don’t worry. A quick verification now can save lots of heartache later.
Talk to Your Bank
“Businesses are left to navigate their way through the changing landscape,” said Kelley Brown, Regions’ market executive in Broward and Palm Beach counties.
But they don’t have to do it alone. Despite all the technologies that make banking easier, it’s still crucial to have a real relationship with your banker – so you can get customized advice and incorporate their suggestions to help keep your company’s money safe.
Learn about how fraud prevention is a top priority for Regions in this in-depth article published by the South Florida Business Journal after the recent forum. We think you’ll find the insights helpful.
And we have a lot more information – all available for free – here on Doing More Today to help your company stay on guard: