Sales and marketing thrive on building trust and forging strong relationships. But lurking beneath the surface of lucrative deals and enthusiastic emails can be a dark side – wire fraud. This financial crime targets unsuspecting victims to steal money through fraudulent wire transfers. Sales and marketing teams are prime targets for wire fraudsters. Why? Because they handle sensitive information like account details and payment instructions. Let’s discuss how your sales and marketing reps can combat wire fraud.
Awareness is Key
Phishing Emails
A common tactic to commit wire fraud. Phishing emails appear from legitimate sources like vendors, clients, or even colleagues. They often contain a sense of urgency and pressure the recipient to click a malicious link or provide confidential information. Train your team to identify phishing attempts – look out for suspicious sender addresses, grammatical errors, and requests for urgent action.
Spoofing Scams
Fraudsters can manipulate caller ID to make phone calls appear as if they’re coming from a trusted source. Educate your reps to never share sensitive information over the phone, especially if the call is unexpected.
Account Takeover (ATO)
In this scenario, hackers gain access to a legitimate vendor or client’s email account and impersonate them in communication with your team. Train your reps to be vigilant about changes in communication styles or unexpected payment requests.
CEO Fraud
That’s another common and dubious hack to steal money from your sales or marketing team. In CEO fraud, a team receives an email message that appears to be from their CEO or some other high-ranking official. The message asks to wire transfer a certain sum of money into a particular account.
Business Email Compromise (BEC)
BEC, previously known as man-in-the-email attacks, is a wire frauding tactic that targets businesses directly, often through compromised email accounts or fake messages. Educate your employees to be suspicious and treat such doubtful emails, especially the ones that require immediate payment.
Invoice Scam
Fraudsters often create dummy bills or invoices and send them to companies in the hope that they will pay without asking any questions. Your staff must be trained to verify all invoices twice before settling them, especially if they come from unknown merchants or have unusual payment terms.
Building a Culture of Verification
Double (or Triple) Check All Payment Information
Always verify account details independently, using established communication channels like a dedicated phone number found on a company website. Never rely solely on information received via email.
Implement a Multi-Factor Authentication Process
Ever received a notification from Google when you sign into your Gmail account from a different device just to click on “Yes. It was me.” You may find it redundant, but that’s what multi-factor authentication does to keep your account safe. Having multi-factor authentication set up ensures hackers can’t access your bank account, even if they have your credentials.
Establish Communication Protocols
Clearly define how and where payment instructions will be received. Ensure each of your reps who handle the money matter knows all the payment-related information. This reduces confusion and helps identify any deviations from the established process.
Empowering Your Team to Say No
Encourage a “Stop, Think, Confirm” Approach
Train your team to pause, assess the situation, and confirm info before taking any payment-related action. Tell them to think twice before clicking on links or opening attachments in emails from unknown senders. Remind them that a quick response isn’t always necessary. They can always step back to verify information, which is often the best course of action.
Create a Safe Space for Reporting
Questioning the legitimacy of a request or flagging a suspicious email shouldn’t be seen as a lack of hustle but rather a sign of caution and responsibility. Emphasize that reporting suspicious activity is super important for protecting the company and its employees. Create a clear process for reporting incidents. Also, assure that their concerns will be taken seriously and investigated promptly.
Keep Your Team & Business Safe
The battle against wire fraud doesn’t have an end. Scammers will keep trying to breach into your systems and steal money from you. The best you can do is equip your sales and marketing team with information, tools, and a mentality of caution to create a strong shield against fraud. This will help them to be cautious, verify information thoroughly, and report suspicious activity. Doing this will save your organization from financial losses while maintaining the trust that is required for success in sales and marketing.