Here’s a crazy story about fraud…
Last week, one of our team members, Vikki, took a call from HSBC bank.
They said that they had noticed an attempted withdrawal of a whopping £18,000 from our account to a company called LTS Ltd, and that this raised suspicion because it was from a different IP address to our usual one.
When Vikki told them she knew this wasn’t a real payment, they assured her that everything was ok and that the payment had been placed on stop. They then gave her a case reference number and a telephone number for the higher tier team, offering to put her through to them directly because the case was urgent.
Vikki assured them we would deal with it, and went to speak to the rest of our team.
Phew – that was a close call! Bit of luck HSBC alerted us to the attempted fraud, right? Had they not got in touch, it could have cost us £18,000.
But wait… Not so fast.
Vikki gave the details to our Associate Director, Shirley Hoy, who then phoned HSBC from a different phone, using the usual number we have for them.
They verified there were no issues with our account and no withdrawal had been attempted, confirming our suspicion that the original call was the attempted fraud.
How did we know? There were a few indicators that raised our suspicion… Perhaps you picked up on them as you read the story!
First, the bank would not know our usual IP address as we can make payments from anywhere.
Second, the pressure to take action by creating a sense of urgency was suspicious, as this is modus operandi for fraudsters.
Finally, there was the offer to transfer the call through to the higher tier. This is often another scammer who will request password information from you, under the guise of going through the verification process.
I’m sharing this story for two reasons.
First, it shows the need to remain vigilant about scammers. Not only are they everywhere but they are increasingly sophisticated and can take you in even if you’re clever and usually on-the-ball.
And second, to emphasise that we would not have been caught out by this scam even if it had not raised any suspicion at all.
You see, we have strict processes at Insight Associates laying out how to deal with these types of calls. For example, we always phone back the number we know, from a different phone. We would have done this regardless of whether Vikki had been wary of the caller, or not.
In fact, we have processes for almost everything… from how to manage bank transactions to how to sign off purchase orders, create our clients’ monthly management accounts, and so much more.
This is how we not only maintain peak efficiency, but how we protect ourselves and our clients from avoidable errors.
It’s what every accounting department needs, if it’s run in a ‘grown up’ way.
When we work with new clients, one of the first things we do is help them install the same processes and systems in their business – instantly bringing a new level of professionalism to their accounting function.
You’ll feel the difference, as everything money-related will run more smoothly and in a more timely manner, giving you more confidence in your numbers.
And although you may never know which horrible errors you’ve avoided, there is no question that strict processes make your money management much safer, too.
Ready to elevate your finance function in this way?
Get in touch today to find out more about how we can help you. Simply email garry@insightassociates.co.uk or call us on 01279 647 447 for a no-obligation chat.
Warmly,
Garry