During economic downturn fraud rates increase

In the financial world we live in, the focus is moving more and more toward digitization.
So much of what we do happens in the online world, purchases, ordering, and sales to name just a few. This creates a bigger opportunity for fraudsters to choose where they can exploit your weaknesses most easily and attack you from multiple angles.

This digital sea of opportunities and also hard financial times exposes people and organisations to a much higher likelihood of being compromised. Know what to be on the lookout for.

For example, instances of authorised push payment (APP) fraud, scaled phishing attempts, and ad fraud will cost consumers and companies billions in the coming year.

Companies will have seen an increase in phishing attempts both email (banks and NZTA are recent familiar ones) and text via their mobile phones. For example, texts that report an Apple wallet or PayPal account breach are commonplace occurrences. They ask you to re-verify your account details. These attempts to skim information can then be used to perform account takeover (ATO) fraud – a fraud method that has seen vast year-on-year growth compared to any other online fraud method. It's a numbers game and the fraudsters are making good ground in this area.

Companies wanting to protect their staff and themselves from these kinds of risks need to reconsider the tools they have in their war chest and their management strategies to handle the increasing risks in our current recession climate.

As a business, there are simple steps you can take to safeguard your Company.
For example, impactful strategies like:

• Comprehensive upskilling and additional refresher training for staff
• Updating your software processes to more sophisticated solutions

That’s where fraud prevention companies like VigilantPay can help.

Your finance teams can now confirm in real-time that your ERP and Payroll systems, processes, and cross-checks are working correctly before you make payments.

Ultimately we provide the extra level of security to give you peace of mind that you are paying the right people every time.