With a rapidly evolving fraud landscape in which fraudsters are leveraging the latest technologies and constantly refining their modus operandi, businesses should always be on guard to avoid falling victim to the latest scams which could potentially result in them losing millions and suffering reputational damage.
With a rapidly evolving fraud landscape where fraudsters are leveraging the latest technologies and constantly refining their modus operandi, businesses should always be on guard to avoid falling victim to the latest scams which could potentially see them losing millions while also suffering reputational damage.
Roshan Jelal, head of fraud at FNB Commercial, said that given the advances in technology and the sophisticated nature in which fraudsters operate, fraud detection and prevention have become a standard business practice. “Therefore, it has become imperative for businesses to constantly keep up to date with the latest fraud scams and trends to avoid being victims. Moreover, most importantly, businesses should invest time, effort, and resources in equipping their employees to detect fraud efficiently and effectively.”– you will receive an SMS prompting you to click a link to find your phone or activate your “Find My Phone” app, even though you have your phone with you.
Vital that you validate any request to change banking details with a known contact and use contact details you sourced yourself. Use the Account Owner Verification tab on Online Banking.– the objective of this scam is to fraudulently get access to goods being sold without paying for them. For example, fraudsters send fraudulent deposit slips or proof of payment claiming that they have made payment of goods and/or services. Never release goods or services before checking your bank account.
“Having adequate security measures in place, keeping up with the latest trends, and investing in regular training, goes a long way to help safeguard businesses against fraud,” said Jelal.
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