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Sep 01 2019 Executive Roundtable Recap |
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NACM members convened on Monday, August 12 to
discuss managing risk in today's environment. Topics and discussion summarized. Just like your company check, but it's
a check scammers phony check design. They solicit youth to cash the checks and
purchase gift cards for charity and to retain the balance of the check as their
payment. This scam usually runs under $5,000 per check. 2-3 weeks after cashing
the check the youth finds out that the check was fraudulent, and they are
responsible for the amount.
-Use positive pay on business checking accounts
-Don't deposit/cash checks and send money back in any form Scammer change your company remit-to instructions with your customers.
-Instruct your A/P to call and verify any instructions
received Phishing scams increasing
-Periodically educate employees on cyber security, what to look
for and how to spot phishing and virus/malware threats
-Wasatch Security Awareness educates employees on how to
protect their company Digital Document Sign - emails
received asking you to click a link to sign documents.
-Reputable associates alert you they're sending you a document
to sign
-If you are not expecting it, don't click on it, call to verify Construction materials on a fraudulent credit card
by truckload. Scammer sends a common carrier to pick up using
the same fraudulent card. You get fraud notification 2-3 weeks later and your
company and the common carrier are both out.
-Use extreme caution when dealing with credit cards over the
phone
-Don't accept credit cards by phone from unknown customers
-Know your customer and where the materials are going Increase in NSF Checks for COD purchases
-Many companies are no longer accepting checks for COD
purchases
-Setting up account for each COD customer to get enough
information Credit Card Disputes after purchase is becoming an
alarming trend
-Some customer purchase with a card with the intent to dispute
-Credit card companies usually side with the cardholder, get
enough information before selling
-If in the construction industry, consider filing preliminary
lien notice - if you wait for the notice of dispute you may lose out Collection by sales - companies
are utilizing sales associates in the collection process.
-Creates more accountability in the sales process
-Training and communication between credit and sales even more
critical
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