In today’s digital age, small and medium-sized businesses face an increasing risk of fraud. Fraud resistance is an essential part of financial literacy for every business. We urge you to take care of your company or personal data and funds and remain vigilant. Cybercriminals often manipulate people’s psychology and perceptions, creating situations that seem real to defraud a company of money.
Tips to help you recognize and protect yourself from fraud:
• It is important to take your time, delve into the information you receive, and think carefully before acting.
• Never disclose your personal and company payment details to strangers or untrustworthy individuals.
• Do not send sensitive personal documents or information.
• Do not be lured by unclear “profitable” investment opportunities and do not allow others to use the company or your bank account.
• Constantly check the company and your bank account and report any suspicious activities to your bank.
• Your bank will never ask for confidential information, such as bank account login details, by phone or email.
• If you think you have given your account details to a criminal, contact your bank immediately.
• Always report any suspected fraud to the police, even if you have not been a victim.
Fraud methods used by criminals to defraud a company of money:
• Fraud by impersonating company management
Criminals call or send emails pretending to be high-level company executives – the CEO or CFO – and demand an urgent payment. This usually involves a difficult situation and requires the company’s normal payment procedures to be ignored.
• Fraud related to fake invoices
A company employee is approached by someone pretending to represent a supplier, service provider, or creditor and asked to change invoice payment data, such as the recipient’s bank account number.
• Fraudulent emails, SMS messages, calls from a bank
This is one of the methods of data theft, which aims to extract company, personal, financial, and security information from the recipient. These emails and messages may look like genuine correspondence from a bank. Fraudsters copy the bank’s logo, layout, and style, the SMS message may indicate the bank as the sender, and when calling, pretend to be a bank employee. Criminals usually rush to disclose confidential data, check, update, or reactivate the company’s account, and click on the link sent.
• Fraudulent bank websites
False emails or messages send links to a fake bank website, asking to disclose company or personal financial information. A fake website may look almost the same as a real bank website. They often use a pop-up window on the screen, asking you to enter your online banking details. Real banks do not use such windows.
• Investment fraud
Scammers usually contact you by phone and offer supposedly profitable investment opportunities, such as investing in cryptocurrencies, securities, land plots abroad, etc. They promise quick and guaranteed returns, urge you to transfer money, and say that the offer is valid only for you personally and for a limited time.
If you suspect that you have fallen into the trap of scammers:
• Stop all communication with the scammers;
• Contact us immediately by phone +370 601 88888 or by e-mail [email protected].
• Inform the police by phone 112.
More information on how to protect your business from fraud can be found on the websites of the Bank of Lithuania, the Lithuanian Banking Association, and the State Data Protection Inspectorate.