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Card fraud against firms at record level

Monday, August 18 11:55:34

Fraud targeting Irish firms is on the increase with credit card scams now at record levels, according to ISME's latest Crime Survey.

It found that that 68pc of businesses have been a scam target in the last year.

Spamming is still the highest intrusion at 86pc and three quarters identified overseas offers, 61pc 'phishing', 58pc virus infection and 48pc dubious business directories, as the main scams perpetrated on their business. A massive 82pc of businesses have been the target of computer related crime attempts.

A worrying aspect of this survey is the increase in credit card and staff fraud. Credit card fraud at 23pc is the highest ever recorded up from 18pc to 23pc, supplier initiated fraud occurred in 15pc, while staff fraud, suffered by 6pc of enterprises, doubled from the 3pc last year and the highest since 2005.

Commenting,ISME Chief Executive, Mark Fielding, said that the level of fraud and scam attempts on SMEs is rising and owner-managers need to keep themselves informed of the array of methods being used.

"New and ingenious methods are being devised continuously and it is imperative that all business owners remain vigilant and staff are adequately trained to combat this crime," he said.

"It has come to our attention that a number of businesses have fallen victim to social engineering scams in recent months. These are scams where the information is attained from a person rather than through the computer system. An elaborate lie or impersonation is used to establish legitimacy, with Revenue or bank as cover. The perpetrators obtain enough information, including full details of the online banking passwords, to gain access to the victim company bank account, following which fraudulent high value payments are made. All it takes is for one member of staff to make an innocent mistake that could end up costing their employer thousands," Mr Fielding added.

For more visit: www.businessworld.ie