Tips and Tricks to Avoid Workplace Fraud

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Financial institutions – especially banks and bank associations – spend a lot of time talking about how to know when you’re being scammed. Most often, the red flags we’re referring to have to do with personal scams. Don’t click the link in that text, only send money digitally to people you know personally, don’t fall for bad grammar in emails or on Facebook Marketplace.

While these tips come in handy when it comes to protecting your personal money, there are other warning signs that crop up when bad actors attempt to take advantage of your business finances. How do you know if you’re talking to a vendor or client that has fallen victim to a scam? What are the warning signs that someone is attempting to trick you into ACH fraud?

Here are all the traits, tips, and tricks you need to help you avoid these malicious fraud attempts in the workplace.

 

TRAITS OF FRAUDULENT EMAILS

Trait #1

When you receive an email request, double-check the sender. Scammers will spoof emails, but one of the most common traits of a phishing attempt is a strange address as the “reply” email. Colleagues and vendors requesting information or changes from you should always do so via a known contact method.

Trait #2

Is this person communicating in the way they normally do? For example, if they normally use Teams or Zoom to communicate, but now are using email, this could be a red flag. Or if they suddenly use poor grammar or odd sentence structure. Compare the current email to previous communications from this colleague, or even what you know about how they speak in-person.

Trait #3

Scammers often convey an unrealistic sense of urgency in their emails, in attempt to get you to act without thinking it all the way through. In reality, a sense of urgency in itself is a red flag. Multiple follow-up emails, alarming language, and pressure to act are all signs that you need to be slow to give them what they’re asking for.

 

TIPS TO AVOID FALLING VICTIM TO FRAUD

Tip #1

If you’ve looked for traits of fraud requests and are still unsure about an email exchange, look for any verifiable information. Can you double-check that the email came from a trusted source? Does the sender include information regarding their current payment destination? If the answer is yes, this can be a green flag that the sender is who they say they are.

Tip #2

Are they asking you to click a link? If so, hover over the link until the full URL pops up. This will allow you to check that the link will take you to a legitimate source. If it looks questionable, it probably is an unsafe link.

Tip #3

Bad actors will ask for payment destinations to be changed with short notice. They could be posing as an employee pretending to have a new bank account, or they could be impersonating a vendor who is requesting you use a different payment portal. If they’re asking you to click a login link, or send money to a specific destination, proceed with caution. Specifically, if this request comes in at the last minute or the sender is acting pushy or vague.

 

TRICKS TO USE AGAINST FRAUDSTERS

Trick #1

First, try a second method of communication. If you receive an email that gives you pause, pick up your company phone and call the supposed sender at their work extension to ask if it’s really them. Are they aware of the change request? If so, have they verified with the person who requested it of them?

Trick #2

Are they able to corroborate any information you already have on file? If they’re asking to be paid using a new routing and account number, ask them to verify the account number they previously used.

Trick #3

Still have questions about an odd email? This trick is foolproof: Forward it to your bank’s fraud department. They can give you advice about whether it seems fishy and what your next steps should be.

 

We don’t give you this information to worry you. In fact, we want to empower you to recognize red flags and avoid workplace fraud. Sometimes taking two minutes to stop and think can save thousands of dollars. Remember, when a colleague or vendor requests funds from your business, they are the ones with something to prove – not you.