Stay smart, stay safe - avoid financial fraud

Phishing is like a digital bait-and-hook. Scammers pretend to be someone trustworthy – like your bank or a well-known brand – and send you emails or messages asking you to “verify your account,” “reset your password,” or “check a payment.” It looks legit, but it’s a trap.

Watch out for:

• Emails urging you to “click here” because something’s wrong with your account
• Senders with familiar names but strange email addresses
• Generic greetings like “Dear user” and bad spelling or grammar

Stay safe:
Don’t click. Just don’t. Instead, go to the official site or app directly. If it’s really important, you’ll see the message there too.

“Vishing” (voice phishing) is when scammers call pretending to be your bank, IT support, or even tax authorities. They try to scare or confuse you into giving up personal info, access codes, or even transferring money.

Watch out for:

• A caller saying “your account has been compromised” and asking for login info
• Instructions to install software “to protect your funds”
• High-pressure tactics and emotional language

Stay safe:
Hang up and call the real number listed on the official website. Real institutions won’t ask for passwords or security codes over the phone.

Sometimes the threat comes from inside. Internal fraud is when employees or insiders misuse access to systems, data, or funds for personal gain.

Watch out for:

• Employees who resist oversight or want full control over financial processes
• Unusual or unauthorized access to sensitive data
• Small, frequent discrepancies in payments or reports

Stay safe:
Use role-based access controls and regularly review logs. Encourage whistleblowing and create a culture where fraud feels risky – not easy.

Also called “business email compromise,” this scam plays on hierarchy. A fraudster pretends to be a CEO, CFO, or other exec and emails an employee – often someone in finance – asking for a discreet, urgent payment.

Watch out for:

• Emails that say “this is confidential” or “for your eyes only”
• Payment requests that bypass regular procedures
• Slightly odd spelling, tone, or phrasing from your “CEO”

Stay safe:
Even if it’s from the boss, verify by phone or in person. If the message says not to talk to anyone about it… you definitely should.

The fraudster sends a realistic-looking invoice for a product or service that was never delivered. Sometimes they pretend to be an existing supplier – but with new bank account details.

Watch out for:

• Payment requests with slightly altered bank details
• New vendors asking for upfront payments
• Unusually timed invoices, especially after someone from finance is on leave

Stay safe:
Have a clear approval process for payments. Call trusted contacts to confirm any changes – especially when bank accounts are involved.