Fraudsters expected to exploit confusion around Brexit

Date: 09-04-2019

Tagged as: PaymentsCorporatesReferendumRisks

 

Fraudsters are always looking for new opportunities to catch their victims off guard and in the past we’ve seen how they use topical themes to trick people out of their money.

We recommend that businesses are always alert to any suspicious phone or email contact. There’s no doubt that fraudsters will be looking to exploit the uncertainty caused by the ongoing EU exit negotiations to target potential victims with themed social engineering scams.

Scams will vary significantly and could include genuine looking emails containing links or attachments with apparent EU exit content but in fact containing malicious software. Phone calls claiming to be from known organisations asking you to take action as a result of the EU exit or phishing for sensitive information is another common scam.

Businesses should therefore ensure that they are aware of the key fraud prevention techniques which should be adopted to stay safe from scams and should remind their staff to remain vigilant at all times.

Top Tips:

  • Be wary - If you receive a phone call from someone and you’re not 100% sure of their identity, don’t provide them with any information or carry out anything they request until you’ve independently verified them, for example by calling back using a number you’ve obtained from a reliable source.
  • Don’t rely on caller display - Fraudsters can make your phone’s incoming display appear to show a genuine number.
  • Keep your passwords safe - NEVER divulge online banking passwords or card and reader codes to anyone on the telephone. We will never ask you for this information.
  • Question any transfer requests - We will NEVER tell you to transfer money out of your account to a ‘safe‘ account, or a new account as a result of Britain leaving the EU.
  • Install antivirus software on all computers - Ensure that updates for this, the operating system and all software applications are regularly applied.
  • Think before you click - Only download programmes or click on hyperlinks you can trust.
    Our emails will never lead you to a screen which asks for your online passwords or card and reader codes, so be immediately suspicious if you’re asked to re-validate this information.
  • Beware of unexpected emails - Emails you’re not expecting asking for secure or sensitive information or asking you to click on hyperlinks could be fraudulent. Set up effective and on-going staff awareness training and phishing email testing.
  • Email is not a secure method of communication - For payments or for receiving changes to existing payment details always ensure that you have a robust process to validate such requests or changes, preferably verbally with a known contact.
  • Only download software from verified and trusted sites.

What if fraudsters do target you?

If your business is targeted by fraudsters, you should immediately report the incident to your bank and to Action Fraud, even if you spot and prevent the fraud.

Visit our Fraud hub for more information on common fraud scams.

Disclaimer

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.

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Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.

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