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  • Writer's pictureKevin Ward

Are You the Next Victim of Online Bank Fraud?

Online Banking fraud is increasing dramatically and with more people falling victim every day, what can you do to protect your business.

First, speak to your bank manager, read the literature they give you and listen. The banks have a vested interest in helping you avoid bank fraud as they so often end up reimbursing affected clients out of their own pockets. It’s not good for their business nor yours so let them help you.

Second, and most importantly, educate all of your staff and ensure everything uses common sense. If something sounds wrong, it probably is!

It may sound obvious, but an increasing number of frauds relating to online banking have involved calls from people who have persuaded bank customers to transfer out cash. The callers often have good information about bank account information and they sound very authentic. But in the real world, if people think it through at the time, it’s not hard to work out it’s a non-genuine call and if anyone isn’t sure, they should request to call back and end the call then and speak to a known bank representative to confirm the call is authentic.

Third, if you are suspicious that something internal is going wrong, act and speak to your accountant or professional advisers for help. A good forensic accountant can find a problem fast and you can then act accordingly. Do not wait to take action and risk a potential increase in your loss.

Finally, once you’ve read everything from the bank and other internet sites which are easy to find, make sure you and your staff have the right mindset. Passwords, bank cards, card readers and cheque books should all be treated like a roll of £50 notes. You wouldn’t leave a roll of notes laying around or sticking out of your pocket, you would keep them close to your person and very safe. Do the same with your passwords and online banking details.


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