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Payment fraud is continuously evolving. Check fraud has been a threat for so long that awareness—and prevention—efforts are widespread. While shifting payments from paper to electronic platforms such as wire transfer and automated clearing house (ACH) transactions has served as an effective deterrent to check fraud, electronic payment systems are not still entirely safe from criminal activity.
PHISHING uses fraudulent emails sent to many targets at one time to trick recipients into providing personal information or sending funds to an unauthorized recipient.
SPEAR PHISHING targets individuals—usually managers or executives using information gathered about the targets to increase the attack’s chance of success.
These attacks exploit the recipients trust and subsequent willingness to comply with a request from someone in authority.
As vital as it is for all employees to be alert to be able to detect AND HOW CAN YOU AVOID IT attempts at fraud, it’s even more critical for companies to establish and maintain systems and procedures to actively prevent fraud. Here are some internal practices you ought to consider.