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How to Prevent Fraud in Your Business

September 27, 2019

How to Prevent Fraud in Your Business
 
powered by Sounder


Robocalls, phishing emails, Slack attacks.
 
The likelihood you will encounter a fraudulent attack is nearly 100%.
 
Whether you fall victim to that attack is a different story.
 
Ingram Micro’s Director of Safety & Security in the US, Cris Paffrath, and Senior Manager of Corporate Security, Bill Vogtsberger, fill us in on how to limit the risk of fraudulent attacks.
 
They cover everything from business email compromise to scams happening over instant messenger apps.
 
 

The current digital fraud landscape

It’s clear that bad actors will try just about any channel to probe personal and business vulnerabilities.
 
However, Bill offers some statistics that put the current landscape into perspective.
 
  • Business email compromise has increased by 100% in identified exposed losses reported to the FBI from May 2018 to July 2019.
  • In regards to business email compromise, the FBI reports a loss of $26.2 billion over the last three years. (That’s only one type of fraud.)
  • On average, most businesses will lose 5% of their annual revenue to fraud.
 
"On average, most businesses will lose 5% of their annual revenue to fraud." - Bill Vogtsberger
 
How do we keep our personal information and business safe from fraud in such a volatile environment?
 
 

Decreasing your risk of fraud

Positioning yourself as a hard target is the first step in limiting your risk of falling victim to digital fraud. While much of the responsibility lies in the hands of the business, it’s up to us as individuals to protect ourselves.
 
One way to protect yourself is to identify what digital scams look like. To protect your business, employees and partners should be educated on what to look for.
 
Email phishing attacks look like: 
  • Oftentimes, criminals use legitimate email addresses appearing to be from your organization.
  • Phishing emails can look very similar to the messages you receive from actual colleagues.
  • Can include a link that the sender asks you to click on.
  • Many times phishing emails are written by individuals whose first language isn’t English.
  • Can sound like a canned message that came from a template.
  • Sometimes requires you to provide credentials to personal or business accounts.
  • Sometimes looks like it came from a government entity.
 
Plus, now that organizational IMing is so widespread, these same types of messages can pop up on your Slack or Facebook messaging apps. If you’re ever unsure if an email or IM is legitimate, call the person it’s supposedly from and ask.
 
"The likelihood of interacting with fraud or being subject to a fraud attempt is high. Whether you fall victim to it is another story." - Cris Paffrath
 
To decrease the risk of fraudulent attacks, Bill advises being wary of the details you share online. Moreover, Cris suggests being more diligent about the interactions you’re having online. It’s become extremely easy to pose as someone you’re not over digital platforms.
 
 

The future of technology

As technology evolves, so do bad actors’ techniques. Cris and Bill advise being more careful about your online interactions than ever before. Here’s where you can learn more:
Association of Certified Fraud   
FBI IC3
USPS Fraud
Ingram Micro Fraud Report Email
1-888-Ingram2 for partners and Ingram Micro employees to report any information
 
 
Follow Cris Paffrath and Bill Vogtsberger on LinkedIn.