5 Tips to Fight Wire Fraud

According to an analysis by the French Banking Federation, "more than 2500 companies have been victims of transfer order scams since 2010, with a loss of more than 700 million euros. ».

This makes wire fraud a risk not to be overlooked. In this article we will give you 5 tips, which will make your business transactions safer. But what is wire fraud? Transfer fraud is a scam method that involves changing bank details during a transfer process. And this can happen in several ways:

  • First, the fraudster can impersonate a person who has any affinity with the company as a supplier for example, to request a change in his or her bank details.
  • Secondly, it is possible that the latter hacks into the company's information system and changes the bank details by itself. This would mean that the fraudster here knows well company and also these procedures.

Here are the tips:

1- Methodically arrange a transfer execution procedure.

No matter the size of your business, from the moment you have to spend money, you have to make sure that it is done in conditions that are most procedurally demanding. In this way, the transfer execution procedure must answer this preliminary question

  • Who is the expensesor?
  • Who controls transactions
  • Who is the executor of the transfers?

You will have to respond in the precise and methodical way it is. It is generally advised to confide each task to different people. To specify the procedure in case and to define in advance the methods of signing delegation as well as the transfer limit, not to mention the flow of transactions. That's what called the "four-eye principle."

2- Have control over the dissemination of information.

the fraud techniques that we know cannot work if the information is not in a very small circle. Indeed, criminals succeed because they have the advantage of information. They can find out Everywhere. Whether it's in the registers, in the company through employees, or on the internet. As a result, you must have a strategy that allows information to flow within The company. So that information about the procedures related to your transfers is maintained in an internal or very limited framework.

3- Confidential identity of those authorized to make transfers

You should not make known the people who make your transfers by the general public. Put as little information as possible on Internet about your chart.

4- Emergency must not prevent control

as the saying says, trust does not exclude control. that is, you have to control all transactions regardless of the situation you find yourself in. Don't leave anything on the emergency or urgency confidence. Otherwise you may bitterly regret it later. We don't lose never his time when you want to control a transaction. especially when you know mistakes made at this level can lead to a company going bankrupt. so don't hesitate never to call your supplier or anyone who asks for a change in its bank details before making any transfer.

5- Establish a security system to access your online banking services

Anyone who may have the right to access their services or participate in the transaction at this level should be limited as much as possible. Only those who are authorized will have the right to initiate certain procedures such as the renewal of access codes, for example. Also, make sure your access codes are complex and difficult to decipher.

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