How to Keep Your Business Safe From Online Fraud
All businesses are susceptible to fraud. Cybercriminals adapt their tactics as quickly as cybersecurity companies create new services and products. That’s why it becomes nearly impossible to protect against all kinds of cyberattacks.
Fortunately, there are some ways to keep your business safe from cybercriminals, hackers, and identity thieves. One of these is to check the new NIST 800-171 compliance review for better security protection.
Below are the other tips you can incorporate into your business practices to prevent online fraud and keep your business safe:
1. Protect Your Computer And Other Devices Against Malware
Malicious software, popularly known as malware, is any software designed to cause harm to your device or computer. It often includes Trojans, viruses, worms, adware, spyware, and so on.
The most common delivery method of malware is through phishing emails, which may infect your computer once you visit infected websites, use infected storage devices, install browser extensions, and download pirated media.
Many malware attacks are financially motivated. Every type of malware has different purposes, but in most cases, it aims to steal business, financial, or personal information. It can also take control of the data or device for extortion.
By installing anti-malware and antivirus software on all of your devices, you’ll be able to run your business efficiently and safeguard it against malware. You should also keep your operating system and software updated. However, such safeguards could do only so much.
The most crucial defense against malware is a vigilant and well-informed employee. Avoiding pirated media, shady websites, and open Wi-Fi can help prevent malware infection and related online scams.
2. Consider Secure Banking Features
Another way to keep your business safe from online fraud is to contact your bank about any suspicious account activities. Talk about the ways to stay in the know and reduce the risk of fraud. Most banking apps provide helpful security alerts. New technology also enables some individuals to view single accounts, which makes it simpler to monitor your family or business accounts.
To avoid check fraud, give your bank a check file for secure verification. Request to be notified of any transaction exceeding a certain amount.
3. Keep Your Financial Data Separate
For most business users, it’s best to use a dedicated workstation to perform all company banking activities. Use different computers to access the internet and perform non-banking business. When it’s time to get rid of the computer that’s used for accessing company banking, make sure to back up sensitive information and remove the hard drive before you recycle it.
4. Review And Improve Your Procedures
Online fraud is bad both for your business and your customers. So, assess all your business processes and determine the potential risk areas. Implement a thorough evaluation procedure to review high-risk transactions.
For instance, you may need more than one individual to approve wire transfers. This policy lessens the chance of human errors by providing employees not just one but two opportunities to stop and recognize suspicious transactions.
5. Keep All Your Passwords Secret
Never share your passwords and don’t leave any documents that include information about your financial data in unsecured areas. If possible, change your passwords regularly. When creating passwords, try to use a combination of numbers, letters, and special characters.
In spite of the advancements in cybersecurity tools, there’s no single system or tool that can effectively protect your business against online fraud or scams. Often, effective protection is a layered approach that involves web filtering, firewalls, spam filters, proactive malware protection, antivirus signature protection, phishing, and web filtering. However, take note that there’s no better security than having employees who can spot suspicious activities easily.
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