Custard has recently seen a startling increase in banking fraud, with criminals succeeding in defrauding local businesses out of large sums of money. We’re raising awareness to educate and protect our customers so have given you some handy hints and tips about how to keep your business safe.
Protecting yourself from Online Banking Fraud
- Firstly, be aware that this is going on and criminals are spending the time to trick businesses out of money – don’t assume they won’t be interested in you
- Be extra vigilant when handling any bank transactions on the internet
- Triple check bank account numbers and sort codes and don’t take your eye off the screen (even for only a minute!) when logged into your online banking
- Keep a second record of stored bank account details so you can make sure these match before performing any large transfers
- If you receive an email that appears to be from your bank, do not follow any links. Only browse to online banking yourself so that you know it’s the correct place
- Watch out for any emails appearing to be from accounts or a director asking to make a bank transfer, have a policy where you must also speak to that person on the phone to check it’s legitimate
- Challenge any change of bank details from a supplier and phone them to confirm on their usual number if they email you. Be wary of phone calls from suppliers too; some fraudsters are brazen enough to use a phone
A case of Online Banking Fraud
We have also seen a case where a someone followed all this advice but were let down by their bank’s security.
Their bank required a card reader to change bank details and perform transfers, which you expect to keep you safe.
It appears their machines had a piece of NextGen malware which was able to evade the security measures in place. The attacker watched their activity and altered the request that was sent from the user’s browser to the bank, changing account details.
Multiple anti-virus and anti-malware packages did not pick up malware, meaning they did not know this threat was on their machine. Custard’s Managed NextGen antivirus did pick up the malware so could have prevented the fraud.
Also, bear in mind that online banking apps on a recent Apple mobile phone or tablet are more secure than using a website on your computer as it’s not possible to infect an iOS device with banking malware or install applications that are not from the app store.
Discuss with Custard how your business handles banking security
If you'd like to discuss the way your business handles banking security, then please feel free to get in touch with our team of IT security experts who would be happy to help.