Best Practices to Protect Your Business from Fraud – Business - Deepstash
Best Practices to Protect Your Business from Fraud – Business

Best Practices to Protect Your Business from Fraud – Business

Curated from: business-opportunities.biz

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Business fraud is a major threat

Business fraud is a major threat

A 2020 fraud survey estimated that the total cost of company fraud in the US to be about $7 billion in a year.

Many fraudsters use the internet as their primary mode of trade. Therefore, business owners should invest in better cybersecurity systems and programs to protect their companies from cybercrime.

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Monitor Fraudulent Activities

Fraudsters aim to find weak links and vulnerabilities in your business systems from where they can stage their attack.

To strengthen your business from fraud, you need to know the methods that fraudsters use, which part of your security system to strengthen, and which tools to use to fend off scammers.

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Business Email Compromise

Scammers persuade businesses to give them sensitive information or make payments. Then they get access to unauthorised business email accounts, monitor the company's activities and impersonate the stakeholders.

Scammers get hold of information through social engineering, phishing, social media stalking, account spoofing, malware attacks, billing systems, or online message traffic.

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Data fraud

Cybercriminals steal business information from companies' databases, for example, financial information, personal information, secret project blueprints, other classified information.

Then they use this information to ask for ransom or sell it to competitors. Data fraud can also occur when malware attacks lock companies out of their own systems and are held at ransom.

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Asset misappropriation and insider fraud

Asset misappropriation and insider fraud

Sometimes, employees steal cash or valuable data or use company assets for their benefit. This is considered the misappropriation of company assets.

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Protect your business from fraud

  1. Establish a dual control security system for online banking. Also ensure you have at least two employees involved in every business transaction.
  2. Enhance password securities.
  3. Use multi-factor authentication.
  4. Install proper firewall and security software to protect your emails and websites.
  5. Monitor and evaluate your business activities. Review your accounts daily, set transaction limits, email alerts, and monitor employee logins.
  6. Employee training on security awareness.
  7. Invest in a comprehensive fraud risk management policy.
  8. Ensure safe discarding of business documents.
  9. Verify payment requests.

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