AI sent an email to my accountant from one of my email addresses. It read, “Please pay this invoice immediately.” 

A simple three-line email that could have defrauded us out of who knows how much. Like good, security-conscious citizens, we did not open the email. With such a simple email, your business or personal account can be swallowed up in a black hole of scammers and hackers. 

Please do not say I would have known it was a fake email. It only takes that one moment when you are not thinking, distracted with a crisis that you have to deal with, and you are caught hook, line, and sinker.  

Two procedures saved us; only invoices with supporting documents are paid, no exceptions. The second is two-part authentication, not necessarily digital, but that also helps. We split the Delegation of Authorities; this is not negotiable, especially for your salary payments. Basically, somebody else must check how your hard-earned money is spent. And that person should be the owner or financial director, and in a large corporation, those responsibilities should be rotated randomly. 

MCCI will lobby the International Chamber of Commerce South Africa Bank Committee to require South African banks to publish the payer/payee name and account number on bank statements. Members are welcome to send comments to ceo@middelburgchamber regarding this very important matter.