3 Fraud scams to avoid that perhaps even Mark Zuckerberg is working on right now

He might run the world’s biggest social networking site, but if recent news reports are to be believed, even Mark Zuckerberg is not immune to being hacked.

According to the reports the Facebook founder’s accounts on sites including Twitter, Instagram, Pinterest and LinkedIn may have been briefly compromised on Sunday.

If Mark Zuckerberg has been hacked then it is fair to say that us mere mortals are also in a high risk position!

Here are three sneaky scam approaches to ensure your team are briefed to be wary of:

1. HMRC EMAIL SCAMS

For example have you ever had an email or text from what looks like a legitimate HM Revenue & Customs source telling you that you have overpaid tax? To reclaim the tax all you have to do is click on a link and enter your bank details. This is a common scam for criminals to obtain your bank account information before earning themselves a nice payday at your expense. The truth is that HM Revenue & Customs do not tell taxpayers that they are due a repayment or ask for personal or payment information by email or text message. If you ever get one of these messages then forward details to phishing@hmrc.gsi.gov.uk

These days criminals are becoming more sophisticated in the way in which they are attacking business and personal funds. They know that some businesses are seasonal and therefore are more likely to target a business around the time when the bank account balance should be at its highest level. Take farmers as an example. Fraudsters are very aware that farmers bank accounts are likely to see significant funds paid in from crop sales and receipt of the Basic Payment.

2. TELEPHONE SCAMS

So what about telephone scams? Well these are also on the rise. There have been instances where the fraudster has held himself/herself out to be a bank representative. The telephone call is always very well prepared to the extent that they can quote recent transactions that have appeared on your bank account. They will indicate that there has been unusual activity on your account and suggest that you transfer your money into a new account for protection. However what they are actually doing is asking you to move your money into one of their accounts. To add authenticity to the call, they will encourage you to call them back to verify their status as a “bank representative”. They can keep the telephone line open for a short period of time even after you have hung up. By keeping the line open, regardless of you dialling your bank’s telephone number, you will be reconnected to the fraudster, quite often via a fictitious receptionist. If you are asked to call the bank back you must use another phone line, such as a mobile, using a known bank contact number.

3. INVOICE SCAMS

Another common ploy is for criminals to impersonate suppliers. They will issue formal headed documents that appear to have originated from a genuine supplier. The document may state that suppliers bank details have changed and that you need to update the bank details you hold. This fraud is particularly effective where a business settles suppliers through online banking or by a direct payment in to a suppliers bank.

By not questioning the legitimacy of the “circular” you have received it is highly likely that the next payment of that supplier’s invoice will go to the criminal’s bank account.

You must be vigilant in this situation and verify the authenticity of the document direct with your supplier. Please do not use the contact details on the fraudulent supplier’s document. Use another source to obtain the contact details for the supplier.

If you are still worried about your internet security then this website contains lots of very helpful information: https://www.getsafeonline.org/

If you would like to learn about best practice for processes to help make the moving of cash within or from your businesses don’t hesitate to contact us.