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Protect your business from fraud
- Establish a dual control security system for online banking. Also ensure you have at least two employees involved in every business transaction.
- Enhance password securities.
- Use multi-factor authentication.
- Install proper firewall and security software to protect your emails and websites.
- Monitor and evaluate your business activities. Review your accounts daily, set transaction limits, email alerts, and monitor employee logins.
- Employee training on security awareness.
- Invest in a comprehensive fraud risk management policy.
- Ensure safe discarding of business documents.
- Verify payment requests.
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MORE IDEAS FROM THE SAME ARTICLE
A 2020 fraud survey estimated that the total cost of company fraud in the US to be about $7 billion in a year.
Sometimes, employees steal cash or valuable data or use company assets for their benefit. This is considered the misappropriation of company assets.
Fraudsters aim to find weak links and vulnerabilities in your business systems from where they can stage their attack.
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.
Cybercriminals steal business information from companies' databases, for example, financial information, personal information, secret project blueprints, other classified information.
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