You have probably heard a lot about consumer scams, as they have been everywhere lately. People suffered a lot because of these scams, and many elderly lost their retirement funds as they fell victim to someone who pretended to be a tech support agent or an entity from the police. When you search for something, these scams can appear everywhere, especially online. This is why, when you look for information, you might come upon a page that is not authentic and wants to steal money from people. So, if you are searching for how to buy ETH, you need to be careful and consider only entrusted sites that have proof of their authenticity.
Companies can also be victims of scams, and most of the time, they don’t see the signs of fraud until it is too late. Nowadays, each business is susceptible to fraud because cybercriminals have improved their methods, and it has become almost impossible for organizations to protect against each attack.
However, some measures could help you safeguard your company against cybercriminals, hackers and identity thieves. Here is everything you need to know about business scams.
Common scams that target businesses
Impostor scams
If someone calls you and says they are from the government or another trusted entity while wanting to request sensitive information, you need to know that you are probably dealing with an impostor scam.
Business identity theft
Identity theft was created not only to target people but also companies. This type of fraud happens when someone makes a decision in your company on your behalf, like taking a debt or making a purchase, and then you will need to pay the consequences.
Fake payment requests and invoices
Large businesses are often targeted with fake invoices and payment requests. Why does it happen? If an organization is large, they will most likely pay out a request because of the sheer volume of invoices, and they might not give a very careful look. By the time they become conscious it was a scam, the hackers could have already taken the money.
Charitable solicitations
Keep in mind that not every charitable request is made for a good cause. And you might want to do good but, instead, find yourself in the middle of massive problems. Scammers can take advantage of your business’s generosity and ask for a fundraiser or a donation that is not legitimate. They might even say they are from a nonprofit organization, wanting to do good, but they are just looking to fill their pockets.
The best ways to avoid scams
Protect your bank accounts
It might be a good time to do so now if you didn’t separate your credit and bank cards for your business and personal life. This is important because if hackers get access to one of your accounts, you will likely not be able to use the other. Additionally, it will be good to take a look at what type of security systems your bank uses so that you will know if an automatic logout is available.
If you consider giving your credit card to employees, it will be better to ensure the card provider has proper fraud protection, like automatic alerts if the worker spends over a set amount. Furthermore, it will be good to handle bills online so that you will not have a lot of papers lying around your office. This is very important, as the more paperwork there is, your banking information will be more likely to fall into the wrong hands.
Safeguard computer systems
Hackers have become experts at cracking computer systems. This is why opting for a sturdy firewall that will protect your data and antivirus software to help detect breaches is very important. Moreover, you can set up strict protocols in which employees must create complicated passwords that are difficult to decipher. You might as well make employees change their identification every few months or create password requirements to help ensure your workers generate strong passwords.
Train employees
It is essential to train your employees how to stay safe online, especially if you have authorized them to pay for supplies and services. So, ensure each worker knows how to identify secure or insecure websites, protect payment details, or spot a scam. You might even conduct a scam simulation in your workplace to see how your employees behave.
To reduce risks, leave the purchasing responsibilities only to those you really trust.
Create procedures to follow in case of a scam
Generally, you need to have systems in place so everyone knows what to do in case of a scam. You need to create guidelines and let employees know they should report any suspected fraud they might notice around them.
Protect devices, networks and files
Is your company firewall strong enough? How secure do you think your employees’ laptops are? The responses to these questions are very important, and you might need an internal audit to respond to these questions to help you be protected against scams. For instance, you want to ensure your employees have two-factor authentication enabled and are using strong passwords.
Also, instruct employees not to conduct business when they use public hotspots, like those found in coffee shops or airports.
The bottom line
Keeping your company safe from fraud and hackers is a team effort. It requires a disciplined and well-trained staff and an understanding that it is never good to let your guard down. Luckily, there are ways to stay protected from these scams, and the tips mentioned above will help you greatly in this process. Additionally, taking measures earlier on is better. So, take action and plug any holes you think are present in your company while also staying up to date with the most common scams to keep your company secure and safe.