All businesses are vulnerable to fraud, keeping in mind the multiple forms of fraud that have emerged in the industry. Online fraudsters adapt their fraudulent methods as fast as cyber security firms like Funds Back design new services and products to combat them. Nevertheless, no matter how much help you get from the security firms, it is well-nigh impossible to safeguard your business against all types of attacks.
Regardless of whether you’ve already been a victim of cybercrime or you haven’t, it is necessary for you to stay aware of the measures to protect your business against identity thieves, cybercriminals, and hackers. You can protect your company from fraudsters and manage your risks by having a fraud prevention plan in place. Keep reading to know more.
Fraud Prevention Tips
- Preserve the bank accounts of your business
Are you someone who still didn’t create separate accounts for your business and personal life? Once you do so, you’ll be safe in a way that even if the hackers place their hands on your personal account, they can’t gain access to the business account. If you offer credit cards to employees, make sure the card-providing company has all fraud protections in place like sending automatic alerts when someone spends a certain amount.
- Protect your PC
This is not a fact unknown that hackers are great at cracking computers. Hence, an effective firewall and antivirus software can safeguard your company data and let you spot breaches. As there are numerous choices in the market, make sure you find out one that perfectly caters to your needs.
- Create a secure entry
A secure entry system is a necessity for warding off uninvited visitors. There are systems of key-cards that offer time-stamped records of the entries and exits of employees. If required, the management can also control the access to a few areas for people from certain designations. You can only allow IT managers to use a key card system to enter the server room. This will keep your business more secure.
- Get the right insurance coverage
While there are several precautionary measures that you may take, yet no measure is 100% foolproof. Cyber security firms like Funds Back report that majority of the insurance companies fail to give the right compensation amount during a fraudulent attack. As a business owner, you should get ID theft insurance to alleviate loss in case there’s an attack.
Know how to search for a business fraud solution
You’ll be rather surprised to know that around 28% of the online sales are fraudulent! With more reliance on e-commerce platforms, fraudulent transactions have become one of the most significant issues for merchants all over the globe. Here’s how you should choose a perfect fraud solution by asking the right queries.
- Is it necessary to have a fraud solution?
88% of the consumers have reported to firms like Funds Back that they’ve been a victim of debit cards, credit cards, data breaches, or identity theft. The gaining momentum of digital shopping has brought all consumers to purchase online. Essential payments like paying utility bills and insurance payments are done online and hence there is more chance to steal consumer data. Hence, before seeking the help of a fraud solution, consider whether it is necessary.
- How long do they take to analyze fraud?
Any fraud solution should accurately be able to recognize the risk of a transaction and decline it or approve it in real-time. The fraud solution should strike a balance between ensuring that the legitimate orders are being approved and the fraudulent ones are being prevented. In case the time taken to analyze is too long, that would be harmful to the customer.
- Do they use machine learning?
An efficient fraud solution should leverage machine learning to adapt to the latest fraud patterns and recognize potential transactions. Machine learning helps enhance fraud detection skills with new transactions.
So, if you’re desperately searching for a fraud prevention solution, go through Funds Back ltd. reviews to know more on how they handle fraud cases.