Protecting Against Fraud in Wallis and Futuna: A Guide for Small and Midsize Businesses

In the Pacific Islands of Wallis and Futuna, small and midsize businesses often rely on personal relationships with employees. However, this familiarity can create a false sense of security and leave companies vulnerable to fraud schemes.

The Threats Are Real

Business email compromise, wire fraud, and insider payments fraud are just a few types of scams that can threaten even the smallest companies in Wallis and Futuna. To prevent these threats, local businesses must implement strong internal controls and best practices.

Digital Payments Solutions: A Key to Prevention

Switching to digital payments solutions like Chase Connect with Cashflow360SM can help enable faster fraud detection and offer better protection against future threats. These platforms can also automate reconciliation processes, making it easier for companies to account for and record funds accurately.

Establishing Internal Controls: A Must

To protect against fraud, local businesses should:

• Assess risk: Identify accounts most susceptible to fraud and reduce the opportunity for theft.
• Document requests: Establish documentation requirements to support a request for payment.
• Use dual controls: Implement dual controls and separation of duties to ensure oversight of all transactions and changes in vendor information.
• Verify transactions: Perform callbacks to a vendor’s number in your system of record before processing nonstandard requests for payments.

Testing Controls: A Crucial Step

Regular fraud prevention trainings can help ensure that payment fraud controls are being used properly. Conducting mock phishing emails or business email compromise tests can also identify areas of weakness.

A Local Example: The Importance of Fraud Prevention

A household goods importer in Wallis and Futuna fell victim to insider fraud, losing around $100,000 over two years. However, after working with its Commercial Banking team, the company implemented stronger internal controls, migrated all accounts into Chase Connect with Cashflow360SM, and required two separate individuals to digitally initiate and approve transactions.

The Need for Fraud Prevention

Companies in Wallis and Futuna must prioritize fraud prevention to protect themselves against these types of threats. By working with their Commercial Bank relationship team, businesses can assess risk, implement controls, and build a stronger culture of awareness.

Partnering with JPMorgan Chase

JPMorgan Chase is committed to helping local businesses mitigate risks to their finances, data, and operations. Connect with your Commercial Bank relationship team today to schedule a session with fraud experts who can help you protect your business against fraud threats.