5 tips to help prevent cyberfraud at your organization

Every business appears on the fraudster’s radar sooner or later. Understanding the modus operandi of fraudsters helps organizations to prevent and combat malpractice. In a previous article, our Chief Information Security Officer Stijn Meeuws stepped into the shoes of a fraudster for the occasion. In this article he gives you 5 tips to strengthen your organization against invoice fraud and CEO fraud.

1. Double check a changed account number

Don’t just change an account number upon a simple request. For verification, do not call the – possibly falsified – telephone number on your invoice, but ask your trusted contact person. That sheds light on the matter immediately.

2. Make fraud a subject of discussion

If you have been the victim of invoice or CEO fraud, don’t keep it to yourself, but contact your bank, Isabel Group if you use one of our products and the police. Your financial institution and Isabel Group will take immediate action. They identify and block all further payment transactions to the fraudulent account. The police then go after the culprits and you may still recover your money.

3. Create an open corporate culture

CEO fraud is most successful within highly hierarchical companies. It should be possible for an employee to ask his superior for confirmation of a deviating payment request.

4. Four-eye principle

Isabel 6 offers the possibility to require more than one signature for payments – for all payments or as of a certain amount. The four-eye principle increases the likelihood that your organization will locate rogue practices in a timely manner.  

5. Keep track of the latest updates and developments

Installing security updates is a must to prevent security holes and close them as soon as possible.  Follow the advice of organizations such as Isabel Group and the Centre for Cybersecurity Belgium.

Double check or double pay. Isabel Group is also working on solutions to combat these types of fraud even further. We will certainly keep you informed of developments.