computer hacker dressed in black sitting across table from woman on laptop who is a victim of online fraud

Every business is at risk of fraud, primarily because there are so many distinct types of fraud.

Cybercriminals are nearly as fast to change their ways as cyber-security corporations are to develop new products and services. It is practically impossible to defend against all conceivable attacks on your own.

There are, however, certain precautions you can take to assist in protecting your company against hackers, cybercriminals, and identity thieves. Here are five of the ways to protect your business against online fraud.

Prevent Identity Theft from Credit Cards

Because this is a prevalent area of fraud for everyone from single owners to employee-based businesses, it is first on the list. Separate your banking and credit cards from your business accounts to prevent criminals from obtaining all your money. Separating your accounts will also make tracking company spending and claiming deductions on your tax return much simpler.

Following that, make sure the use of your card is done with care. Never provide your plastic or your card number to staff or businesses with whom you are unfamiliar. Make the switch to online bill payment or ensure that paper invoices are safely stored. Similarly, using a secure mailbox to receive and transmit invoices. If you don't have one, drop your mail straight at the post office (this also applies to any mail containing sensitive information - you don't want it just sitting in an unsecured mailbox).

Finally, make a habit of checking your online banking daily for questionable activities.

Security Audits

It's difficult for businesses to protect themselves against online fraud if their personnel are unaware of the corresponding issue areas. A security audit helps a business's cybersecurity professionals to identify weak places. By patching such weak areas, thieves are less likely to commit online fraud, such as malware demanding a ransom payment to recover file access.

Paying a ransom to satisfy thieves may seem to be a simple solution. However, it is not always effective.

Regardless of the findings of a security audit, businesses must take recommendations on strategically strengthening their networks against fraud efforts. Representatives may first feel overwhelmed, fearful that tackling the issue would be impossible, but the frequency of online fraud makes taking preventive measures worthwhile.

Staff Education

Combating online fraud requires a collaborative effort, which means that it should ideally adopt a top-down approach, with company executives prioritizing it and then encouraging staff to do the same. This begins with teaching all personnel on what constitutes internet fraud.

Several approaches make use of prizes and freebies. A victim may get notification of a chance to win sweepstakes or receive access to pricey software in exchange for providing basic information. Fraud may also occur in the workplace. For instance, similar to online lottery scams that require "winners" to provide sensitive information, such as bank account information, to receive the money, some fraudsters targeting businesses assert that people must provide information to remain compliant with certain organizations.

Cybercriminals even pretended to be the Internal Revenue Service (IRS) in one phishing operation, attempting to get tax preparers to submit information ostensibly to update documents on file with the organization.

Background Checks

When increasing your staff, it's vital to select employees who are not just competent but who are also trustworthy. Don't depend exclusively on references and job history, and conduct a comprehensive background check.

Some companies can offer this service for you, and most charge between $30–$50 for each report. When you narrow down a list of possible hiring to one or two persons, you may perform a check on the finalists before making your final selection. Make sure you acquire the necessary authorization to conduct the check.

Cyber Security

Cyber security is the technique of safeguarding against malicious assaults on computers, servers, mobile devices, electronic systems, networks, and data. Additionally, it is referred to as information technology security or electronic data security. The phrase is used in many applications, ranging from business to mobile computing, and may be classified into a few distinct categories.

Network Security: This is the process of defending a computer network from intruders, whether they are deliberate attackers or opportunistic malware.

Application Security: This is focused on ensuring that software and devices are free of dangers. A hacked application may provide access to the data it was supposed to safeguard. Secure design starts far before software, or a device is launched.

Information Security: Safeguard the integrity and privacy of data during storage and transmission.

Operational Security: Encompasses the activities and choices involved in the management and protection of digital assets. Permissions granted to users when they connect to a network and the policies that govern how and where data may be kept or shared all come under this umbrella.

Disaster Recovery and Business Continuity: These are terms that refer to an organization's response to a cyber-security breach or other occurrences that results in the loss of operations or data. Disaster recovery policies define how an organization returns operations and data to its pre-event state. Business continuity is the contingency plan that an organization uses when it cannot function due to a lack of specific resources.

Get Protection With The Help of JS Computek

Viruses, spyware, ransomware, and data breaches may all be disastrous to your company's digital assets. Hackers are growing more sophisticated than ever and are increasingly proficient at detecting new flaws in your system. Without a specialized cybersecurity staff, it's difficult to keep ahead of these possible risks. By using managed IT services, you can guarantee that your system is protected against various threats. At JS Computek, our managed IT services enable 24/7 monitoring of your complete IT infrastructure, including cybersecurity, for an all-inclusive, flat monthly fee. Visit our website to schedule a call to start protecting your business against online fraud!