Payment fraud using email – it’s completely avoidable

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Payment fraud is a constant risk

Occurrences of payment fraud using email are continuing to hit the headlines, and it is something that can be avoided completely. The risk of using email for communication of confidential information has been evident for some years, as highlighted by this post on the Safe4 website last year.

Sending invoices by email, particularly for large sums of money, is fraught with risk. Even communicating via email regarding financial transactions can risk significant losses – as highlighted in the media today. Both supplier and customer can be victims of this type of fraud.

Personal or financial information – don’t use email

It is not just using email for communicating financial information that can lead to unnecessary risks. Personal data can also be misused if is transferred between organisations by email. The potential for theft of highly personal information is something that HR consultants face constantly, as illustrated on this website in April this year.

There is a solution

For a number of years Safe4 have been delivering invoices by uploading them into a secure vault dedicated to each customer. Only the designated users of each vault are able to access the document, and there is a comprehensive audit trail of all activity so that the supplier can be sure that the invoice has been received by the customer – and nobody else.

Options for ad-hoc sharing of confidential information have been identified by Safe4 partners OPTSM, as explained on their website. The simple rule – if you need to communicate sensitive financial or personal information, don’t use email – use SafeShare, the approach they are offering. This is based on the ability to create a Safe4 vault and invite a user in a few seconds, thus making sure that the data being shared gets to the right person immediately and with no risk of intrusion.

If you would like more information on how to avoid the risk of financial payment fraud or loss of sensitive personal data, please get in touch. We will be delighted to help.