Seven simple tips to help you avoid becoming an imposter's next victim
Tip #1:
Instruct employees (especially those with funds transfer authority) not to change vendor bank account information at the request of a vendor without first verifying the change. Always call the vendor back at a pre-determined number on file. Do not call back a number that may have been provided with the request.
Tip #2:
Verify all funds transfer payment requests from a client/customer by calling back a previously established number. Make sure you are speaking to an individual that the client/ customer authorized to make such requests.
Tip #3:
Instruct employees (especially those with authority to transfer funds) to verify all funds transfer requests from owners, senior executives or employees with a call back to the requestor's phone or by visual confirmation.
Tip #4:
Be wary of phone or email rush transfer requests and don't fall victim to pressure or intimidation tactics that might cause you to skip authentication procedures.
Tip #5:
Educate employees (especially those with funds transfer authority) about these scams and train them on how to recognize and prevent getting tricked.
Tip #6:
Limit the number of employees with wire transfer authority and require the supervisor to sign off on changes to vendor or client/ customer bank account information and all externally and internally requested wire transfers.
Tip #7:
Prior to getting tricked by email or phone, your computers will likely have been breached. Consult with computer technology experts and use updated cyber security software, secure Wi-Fi networks and two factor authentication.
The recommendation(s), advice and contents of this material are provided for informational purposes only and do not purport to address every possible legal obligation, hazard, code violation, loss potential or exception to good practice. The Hanover Insurance Company and its affiliates and subsidiaries ("The Hanover") specifically disclaim any warranty or representation that acceptance of any recommendations or advice contained herein will make any premises, property or operation safe or in compliance with any law or regulation. Under no circumstances should this material or your acceptance of any recommendations or advice contained herein be construed as establishing the existence or availability of any insurance coverage with The Hanover. By providing this information to you, The Hanover does not assume (and specifically disclaims) any duty, undertaking or responsibility to you. The decision to accept or implement any recommendation(s) or advice contained in this material must be made by you.
119-10018 (3/17) LC 2017-066
119-10018 (3/17) LC 2017-066
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