The threat of cybercrime is as prevalent as ever, so it’s vital that businesses continue to be aware of the dangers.
Unity Trust Bank, are always alert when it comes to Cyber Security which is why they have published a new article surrounding this. James Dockerill, Unity’s Financial Crime Operations Lead, reviews the top three threats experienced in 2022, and looks ahead to the main risks to watch out for in 2023.
Fraud trends from 2022:
- During 2022 we continued to see Authorised Push Payment Fraud (APP) as the most common corporate fraud type. This is where criminals trick people into authorising a payment to the wrong account. To find out the best way you can combat this threat, read our previous blog here https://www.unity.co.uk/blogs/authorised-push-payment-fraud/
- The tactics that criminals have used include scam phone calls, text messages and emails, as well as fake websites and social media posts. Their aim is to trick people into handing over personal details and passwords. This information is then used to target victims and convince them to authorise payments. There are subtle red flags that can be spotted to help combat this – for example inspecting the source of any emails (e.g. the address an email is sent from, spelling mistakes and signatures); if the phone number isn’t recognised or if the call is from overseas (e.g. Unity Trust Bank’s call centre is based in the UK) and being mindful that banks like Unity will NEVER ask for passwords and PINS to be divulged.
- At Unity, we have noticed that there is an increase in internal fraud, and unfortunately charities are particularly exposed where they have small finance departments, single authority accounts and few policies and procedures to govern fiscal affairs.
*Extract taken from Unity Trust Banks Article
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