Scams can happen to anyone, even the most prepared and knowledgeable person, especially in fast-paced environments. A few years ago, I faced a situation that could have cost the company I worked for a significant amount of money. I received an email requesting a fund transfer. The request came from my CEO’s email address, and the wording was so familiar, so in line with his usual tone, that I genuinely thought it was from him.

In the fast-paced, high-pressure environment of a startup, where quick decisions are part of the daily rhythm, this seemed like just another urgent task.

But something did not seem right. Why would he send me an email? Why would he not have called me to explain?

Before proceeding, I ran the request by the co-owner. We agreed that something didn’t add up. We were quite surprised by how convincing the message was—same wording, same tone.

To this day, I remember this moment (including the question that followed: Would you have done it?).

So the lesson here is:

Even the best can be fooled: No matter how experienced you are or how strong your intuition feels, scams are becoming increasingly sophisticated. When people say, “I’d never fall for that,” they underestimate how convincing some of these fraudulent communications can be—especially when you’re under stress.

Culture plays a role in risk: In fast-paced environments, where agility and quick decision-making are prized, the culture can inadvertently create vulnerabilities. When speed is valued over process, or when team members feel pressured to deliver, the risk of falling into these traps increases. It’s not just about having controls; it’s about fostering a culture where pausing to verify isn’t seen as a lack of initiative but as good practice.

Controls are non-negotiable: No matter how small or agile your business is, you need solid controls in place. A simple protocol like requiring verbal confirmation for financial transfers or having a second pair of eyes on large transactions can make all the difference. This isn’t just about protecting money—it’s about protecting trust within your team.

3 Ways to strengthen controls:

Promote a culture of vigilance:
Create an environment where employees feel they can question unusual requests without fear of repercussions.

Offer periodic training and encourage open communication and regular discussions about potential risks and fraud scenarios.

Establish robust Internal controls:
Implement clear verification processes (including requests from a CEO), such as multi-step approvals through various communication channels for financial transactions and dual sign-offs for larger payments. Ensure responsibilities are well-defined, reducing the risk of errors or unauthorised actions.

Integrate risk management practices:
Regularly assess potential vulnerabilities through risk audits and scenario planning, either internally or with your outsourced IT team. Update your policies to address new threats, and ensure all team members are trained on the latest fraud prevention strategies.

For help, contact us explore@oakviewconsulting.uk