Top 6 Tips to Protect you from the Bogus Boss Scam

RBS and Natwest have alerted us to the Bogus Boss scam which has already cost UK businesses millions of pounds.

Please take note of these guidelines, so you don’t get caught out:

What is the Bogus Boss Scam?

Fraudsters get the name and email of someone senior in your company and create a fake email that looks like it’s come from that person.

They then send it to someone in your finance team and asks for an urgent payment to be made to a new account, usually giving a realistic reason such as it’s needed to secure a new contract.

Of course, the account is in the hands of the fraudsters. The money gets taken out almost as soon as it’s put in.

Top 6 Tips to Avoid Being Scammed

Company awareness, culture, and stringent processes are crucial to reducing exposure to this type of fraud. To stay protected, make sure that:

  1. Any staff who have access to company bank accounts or can input/authorise payments read these guidelines and watch the below video released by Natwest
  2. All employees have a general awareness of this type of fraud
  3. Employees with payment authority are alerted to the warning signs, such as urgency, secrecy or an overly persuasive tone
  4. Funds transfer requests received by telephone or email are referred to a supervisor or senior manager to verify the request prior to the transfer being made
  5. All funds transfer instructions are subject to an independent authentication and verification process
  6. All employees apply strict discipline in following standard working procedures

The above also applies to all directors and senior management as senior personnel can be the target of this type of fraud.

Here’s a short video from Natwest with tips on how to spot these scam emails;