Five ways to lessen your risk of being scammed

Every business is vulnerable to scams, especially those that are conducted online. Scammers use various tactics to try to steal one’s money, information, or identity, and they are constantly learning new tricks to deceive their victims. The scammers have become increasingly sophisticated in their techniques, and contrary to common belief, it is not the elderly who are the primary scam victims. More than 53 per cent of scam victims are those aged between 20 to 39 years old. In 2022 alone, scam victims have lost more than $660 million in total.

Source: Singapore Police Force

By taking the necessary steps to protect your business, you can lower your risk of becoming a victim of crime. Here are five tips on how you can avoid being scammed:

1. Be wary of requests from unknown or suspicious sources

In an increasingly digital world, scams can show up in emails, text messages or social media messages. The scammers might ask you to provide personal information like your identification number, bank account details, or even request you to send money.

Before responding, always try to verify the source's identity or contact information. Additionally, beware of any requests for payment or personal information using wire transfers or gift cards, which are common methods used by scammers. Legitimate businesses will typically not ask for money or information this way.

If you still feel unsure, contact the organisation the requester claims to represent and verify if the request is legitimate. Scammers often rely on you acting hastily, so make sure you do not act too quickly on the request or share any sensitive details before verifying the source.

2. Purchase goods from vendors you are familiar with and trust

To ensure that your money is protected when buying goods, purchase from vendors whom you are familiar with and trust. Prior purchases from the same vendor can also provide the added benefit of understanding the company's customer service and return policies, while having the peace of mind that comes with a trusted party.

When determining whether or not you can trust a new vendor, look for third-party accreditation, reviews from verified customers, and third-party payment processors to ensure a secure method of payment. Taking the time to research these items can significantly reduce your chances of becoming a victim of scam.

3. Train your employees on scam recognition

Your employees are the first line of defence against scams, so it is important that they are trained to identify the red flags. Make sure they know how to spot scams like phishing emails, malware, and identity theft. Regularly send out reminders and proactively train your employees so they can be prepared to recognise a scam.

Make sure your employees understand the importance of keeping sensitive information confidential. Teach them to spot signs of compromised customer data and to report any suspicious activity to management immediately. Invest in regular cybersecurity trainings and create a safe environment for employees to ask questions and express their concerns.

4. Use two-factor authentication and strong passwords

Two-factor authentication (2FA) and strong passwords are two of the most effective ways to protect your online accounts against hackers or phishing scams. 2FA requires you to have a special code or identification item in order to access your account. To keep your data and money safe from unauthorised persons, you can transact securely on the UOB SME app by activating Infinity Secure.

Strong passwords are another important layer of protection for online accounts. Passwords should include both lower and uppercase letters, numbers, as well as special characters. These passwords should be long, unique, and used for only one account. Utilising a password manager can help create and store complex passwords that are hard to crack. Additionally, it is important to never share your password with anyone else and to change it regularly.

5. Invest in an anti-fraud software

Technology can help companies to detect fraud quicker and more accurately. This can be invaluable when it comes to keeping your business safe. Modern fraud detection solutions are designed to quickly identify suspicious activity and notify you of potential scams. Additionally, they can utilise data analytics to flag potential signs of fraud before it becomes a problem.

Invest in firewalls, encryption software and other tools to prevent hacking attempts. You can also deploy anti-malware software to scan for and to detect any suspicious activity. This gives you the power to take action and stop the scammer before they cause any damage to you or your business.

It is important to remember that scams, while increasingly common, can be avoided by simply being vigilant when communicating with online sources. If something appears too good to be true, it probably is. Stay safe, trust your instincts and never give out personal information or send money to unknown or suspicious sources.

What to do if you encounter a possible fraud

If you suspect that you have been scammed, immediately file a police report and call our dedicated 24/7 Fraud Hotline at 6255 0160. Press '1' to report a case  and to request for a temporary suspension to your business banking login until proper verifications have been conducted.

You can also subscribe to our UOB Facebook page for the latest updates and advice on scams.

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