Different Ways to protect your Business against these scams

Technology has proved to be a boon to mankind. But at the same time, there are also some woes that cannot be neglected. Business Protection has become of paramount importance, especially in today’s advanced technological age. You need to protect your business assets, especially from cybercrime, identity theft, and fraud. But how?

Tips to protect your business from scams

1. Secure IT Infrastructure:

Firewalls, Spyware, Malware, and Anti-Virus software programs are a few things that you should invest in your business. Also, take up backups of your data routinely. This will ensure you continue working smoothly even if you are a victim of a cyber attack.

2. Protect your Bank Accounts and Credit Cards:

These are common areas where fraud takes place ranging from employee-based firms to sole proprietors. You need to first separate your personal credit cards and banking from business accounts. This way, fraudsters will be unable to track your business-related expenses or steal data. Also, use cards wisely. Avoid handing it or its number to anyone else including new employees. Adopt an online bill pay method or ensure storing securely your paper bills. Check online banking daily for suspicious activities.

3. Password Policy:

This is another step to be taken to strengthen your business Cyber Security. Initiate password policy. Ensure you as well as your employees change passwords regularly. The general rule will be to change every 60-90 days. Maintain different passwords for different systems and online accounts. Set rules to ensure using complex passwords. It should contain one number, and one upper-case letter and should have at least 8 characters.

4. Dedicated computer to carry out banking-related work:

It is a vital step taken towards ensuring fraud prevention. For all financial transactions to be carried out over the web, preferably use a dedicated computer with firewalls and anti-virus software. This computer should not be used for other purposes like web surfing, email or social media. Mobile banking is better avoided.

5. Check employee backgrounds:

This is essential to ensure enhanced Business Protection. Employees usually work with sensitive details of the business. Hence, you need to carry out pre-employment, basic background checks. This is vital if they are to handle high-value merchandise, cash, or sensitive financial or customer data.

6. Educate staff:

All staff, both existing and new ones should be trained well in fraud prevention at the workplace. When fraud is concerned, employees are considered to be the biggest vulnerability point. However, they also are stated to be the initial defense line. Training sessions should be conducted regularly on how to prevent and tackle basic security threats, both off and on. Also, they should be taught prevention measures. Institute policies to guide employees to use company confidential information properly and carefully. It includes customer and personnel information including financial data. Discuss with the industry experts as to what should be included in the training program.

7. Insure business:

The sad fact is that cybercrimes and Fraud do take place everywhere. This is even after taking adequate Cyber Security measures. Hence, what you need is a comprehensive insurance policy to safeguard your financial interests. You may claim damages that occurred from your insurance company for losses incurred from fraud or crime. Also, find out how your bank can help you in case your business account or credit card gets compromised.

Protecting businesses from fraud

Reports state that thousands of dollars are lost by small businesses to scams and frauds every year. Unfortunately, this number is only increasing with time especially post-Covid times when almost every business has gone online. Therefore, you should have in place proper measures to prevent fraud from ruining your business.