For HR

How to protect your employees from financial scams

June 20th, 2023

Financial scams are on a rise in the Philippines. This can be attributed to lack of information. Majority of the people in the nation are unlikely to be aware of the tricks employed in these cybercrimes. Fraud may happen to an employee and employer. In the latter case, sometimes, it may be hard to detect. However, fraud done to an employee may be avoided through policy change and stringent action. In the following segment, we’ll dive deeper into various ways you can protect your employees from financial scams.

Categories of Phishing
Phishing is a cyber threat where people are tricked into sharing their confidential information such as credit card details, personal information, etc. by someone disguised as an actual employer. These are so similar to the authentic employer that very often, people fall prey to them by actually sharing their information.

Here are 3 broad categories of Phishing:

  • Spear Phishing
    Spear phishing collects the personal information of a targeted individual or an organization.
  • Whaling
    One may call it a sub-category of Spear Phishing. Whaling focuses on gathering information about officials at higher positions in an organization.
  • Clone Phishing
    As the name suggests, this involves creating a copy of the legitimate link of the official organization, but with subtle alterations to fulfill the needs of a third-party portal.

How to protect your employees from financial scams
A recent report by Statista states that the number of phishing cybercrimes in NCR reached over 58,000 victims. Other regions in the country also had their fair share of cybercrime-related incidents. The main lesson from the study is that: “With growing online transactions, the need for financial security grows all the more important.”
News Reports
say that there has been a significant increase in the financial scams in the post-COVID era.

Common practices through which people are likely to get catfished include:

  1. Email
  2. Link sharing on Social media
  3. Phone calls
  4. Urgent messages disguised as job opportunities
  5. Text Messages

Here are 6 unique ways to protect your employees from financial scams:

  1. Multi-Factor Authentication
    A one-time password can be easily hacked. Installing a multi-factor authentication option can enhance financial security measures. Multi-Factor Authentication adds layers of security. Here, users are expected to add multiple information. It includes questions, cell phone codes and much more.This way, employees can set a strong password and add information that’s harder to guess and access which can ensure everything is in place from their end.
    Common practices under Multi-Factor Authentication to secure individuals from financial scams:
  • Password,
  • Device used,
  • Phone number and secondary email ID confirmation,
  • Biometrics like fingertips or face scanners.
  1. Employee Awareness
    Your employees must be aware of phishing. Many professionals do not keep financial topics in mind. When it comes to a scam, they are even unlikely to know if it’s happening to them.Therefore, employee awareness should be a priority.
    What can companies do?
    HR, in collaboration with other departments can conduct sessions by inviting financial veterans. Companies can conduct podcasts and online sessions to give employees an overview of financial scams. They can store this newfound knowledge so that people can access these sessions whenever they want.
  2. Plan Your Finances Wisely
    Your financial plans can make or break you. It is essential to keep up a budget. With SAVii, you don’t just get easy access to funds when necessary. You are also constantly advised about how you can handle your finances well presently and for the future. Our services are designed holistically. Through our blogs, newsletters, and Financial Education Webinars, we can help you reach financial independence. At the same time, we offer excellent borrowing services.
  3. Stay Away From Unexpected Messages
    There might be situations when you may receive fake phone calls or text messages. Very often, the older generation is more likely to be catfished. Never share your bank details such as a pin or other codes to anyone. A genuine service will never ask for it outside of their platform. Sometimes you may receive fake links through messages, too. Never click on these links. Avoid adding your PIN number or other details to any website. Google offers you a “save” option for convenience. Never save these details, especially on others’ devices.
  4. Identify Phishing Websites Wisely
    There are various ways to recognize if a website is unsafe. Here are a few indicators that will help you secure your account. Find out below:
  • Identify through the URL- A secure URL always consists of an HTTPS:// or is HTTPS:// extension. Fake websites often tweak the original ones with minor changes. Example- replacing ‘0’ with ‘o’ or a capital ‘O’. So always be mindful of the case you use. Websites are always case-sensitive.
  • Payment Gateways- Indeed technology has made our lives easier. But it comes at a price. With the transactions done through online platforms today, an information leak is easy. You may notice that you have a “save” option to register your card details in the computer’s database. Though it makes your lives easy for the next transaction, saving your details on every device may not be wise.
  • Illegitimate Payment Website- A legitimate app or website will always offer you multiple options to pay such as through cards, net banking, and more. If the app is only offering one option- Bank transfer, it could be a sign that it is not a trustworthy platform.
  1. Ethical Hacking
    It’s high time that every company must incorporate a dedicated department for ethical hacking. With the growing acceptance of the fintech platforms, most of our bank information, card details, etc. are registered on these platforms. Cyber security is yet another important aspect of it. With growing hacking rates, it is equally essential to tackle it with the same approach. That’s where ethical hacking comes into play. Ethical Hacking is an antidote to cyber threats. It involves procedures to provide multi-layers of security. The cyber security process lawfully secures your finances and protects you from unwanted invasion.

    We hope that this blog helped you gain the needed knowledge to secure your finances better and smarter. We’ll catch you again next week!