Listen to your instincts.
When it comes to identifying and thwarting fraud in the business realm, Jeff Taylor, who leads the Commercial Fraud Forensics team at Regions Bank, firmly believes that our instincts often hold the truth.
“If something seems off or doesn’t quite sit right with you? Trust those instincts,” he advises.
Recently, Taylor, along with Randy Wilborn, a Treasury Management Product manager, shared their insights on Regions Business Radio. They shed light on the pressing issue of business fraud and offered guidance on how companies and their employees can effectively recognise and combat it.
Exploring the Landscape of Business Fraud
During their discussion, the two experts delved into several prevalent forms of business fraud that organisations face today:
– Compromise of business emails
– Fraudulent checks
– Mail-related fraud
– ACH and payment fraud
With the incidence of fraud steadily increasing, Wilborn emphasises the importance of taking a proactive stance on detection while ensuring that employees are well-informed.
“It’s crucial to engage in discussions with your banking representatives about available resources that can help shield you from becoming a fraud victim. Additionally, consider opportunities to educate your staff so they can better recognise the various tactics employed by fraudsters,” he suggests.
Taylor further illustrates the significance of implementing internal control measures, such as the STOP–CALL–CONFIRM strategy and dual control systems, which can serve as effective defences against business email compromise—one of the most prevalent threats faced by businesses today.
Through awareness and education, companies can create a culture of vigilance that empowers their employees to trust their instincts and act decisively when faced with potential fraud.
In the intricate world of business, the threat of fraud looms large, casting a shadow over even the most diligent enterprises. Should your business fall prey to such deceptive tactics, it is crucial to know the proper course of action. The first step is to swiftly reach out to your bank, ensuring that they are aware of the situation and can assist you in safeguarding your assets. Additionally, it’s imperative to report the incident to the Internet Crime and Complaint Center (ic3.gov), a key resource in the fight against online fraud.
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