With Year End and the holidays approaching, scammers are stepping up their game. One of the most recent and common scams comes as a request addressed to HR or Payroll, allegedly from an existing employee, asking for a change to direct deposit information.
What You Need To Know
This scam, sent by email, furnishes a new routing number, bank account number and asks that the next payroll's direct deposit be made to the new account. An authentic-looking email signature from someone that your HR or Payroll staff knows makes this look legitimate. If the email is “from” one of your executives, your HR or Payroll staff may be hesitant to question the sender.
To save PR/HR from having to make the call to question the president of the company, consider announcing a formal company-wide policy change. Announce that HR/Payroll will no longer accept requests for Direct Deposit changes via email. You may also want to extend this policy to tax changes, as well. Instead of email requests, employees must submit the proper completed forms and required documentation. To change a direct deposit account, employees must complete an official authorization form and provide account confirmation with a voided check or other bank-provided documentation and to change tax information, employees must submit signed and dated Federal Forms W-4 or the appropriate state or local forms.
Not only does this policy change save PR/HR from an interrogation of the email sender, it can also save someone’s direct deposit from being stolen!