When it comes to payment fraud, there are several tactics that fraudsters use:

Phishing: This involves sending a fake message to trick the recipient into disclosing sensitive information to the attacker or installing malicious software on the victim’s system such as ransomware.

Identity Theft: A fraudster can commit identity theft in several ways. It usually occurs when he or she uses someone’s identifiers, such as their name, identifying number, or credit card number, without their permission.

Business Email Compromise: Often referred to as spear phishing, business email compromise (BEC) is a type of targeted phishing where criminals target businesses and attempt to steal finances or goods through an email or invoice. Any employee can be targeted during a BEC attack.

Criminals know how to use technology to their advantage, and businesses need to recognize the risks and take precautions to avoid them. There are several solutions businesses can use to mitigate risks, such as segregation of duties, multi-factor authentication and tokenization.

If you believe that company funds have been stolen, or a data breach has occurred, you need to contact your bank right away and report the crime to the police. In our 7 tips to recover from fraud guide, we explore this in more detail.

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