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Sep 01 2019
Executive Roundtable Recap

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 salescompanies 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