Tips on how to identify suspicious fraudulent activity before it happens

Ramping up defences to prevent fraud from payroll, bank account and invoice diversion scams with a mix of training, communications and AI tools all critical considerations for in-house finance teams and accountancy firms, says Cindy Griffin, Smart Communications

Fraud has gone pro. Today’s fraudsters operate across email, SMS and voice. They coordinate attacks during payroll cycles and tax deadlines. Armed with stolen data, they impersonate colleagues and suppliers in such a convincing way that by the time detection happens, it’s too late.  

This sharpening of malicious skills presents a serious challenge for accountancy firms and in-house finance teams. Traditional fraud detection, which identifies suspicious activity after the fact, just cannot cut it. Meanwhile, the time between a scam hitting and a catastrophic bank transfer shrinks by the day.

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