When it comes to cyber security, it’s important to think of implementing fraud prevention procedures as an essential investment for your organization, rather than a ‘nice to have’. Having the right cyber security mindset will protect your organization against financial fraud attacks that lead to revenue loss and damaged reputations.
As cyber-attack technology continually evolves it’s critical to develop robust anti-fraud solutions to effectively navigate the digital era of cybercrime. Cyber-criminals can target organizations through a variety of ways, with phishing being one of the most common and successful scams used today. Phishing is the practice of sending fraudulent emails with the intent to gain secured information and/or divert funds.
Here are a few tips to ensure your organization doesn’t fall victim to fraud:
- Steer clear of public Wi-Fi channels — instead, use Virtual Private Networks (VPN) and personal hotspots to create a safe network connection for employees, free of the unsecure connections that are more easily compromised by hackers.
- Don’t ignore internal threats — employees within an organization, even trusted ones, can pose threats to an organization’s security. Whether through malintent or unintentional errors.
- Ensure payments are secure — having strong security controls in place, such as Multi-Factor Authentication measures, adds a layer of secure system access, payment approval workflows, and Segregation of Duty.
- Educate and train employees to understand fraud and risk management— knowing what to do in the midst of a phishing attack can be just as important as knowing how to prevent one from occurring. By offering training and security refresher sessions, employees will stay in-the-know about how to tackle fraud and risk before it is too late.
Unfortunately, small businesses are often frequent targets because fraudsters assume smaller businesses have weaker security and fraud prevention in place. By following these best practices for a strong cyber security defense, the ability to avoid security breaches and compromised private information is attainable.
Stay informed by following good rules of thumb for fraud and risk management and read more in the full article “Protect your business with a cyber security mindset”.
For further insights into the payments industry and beyond, subscribe now and stay up-to-date on the latest tips, trends, and topics. You can also check out The Payments Podcast, where experts weigh-in on real-time factors impacting the payments industry.