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Sunday, October 24, 2021

Fraud Is on The Rise — Here’s How to Protect Your Business

Online fraud has risen dramatically over the years. The rise of individuals with digital skills – and those who can utilize them for more unsavory activities – has meant that more people than ever are getting scammed by fraudsters. 

In this article, we’ll outline several measures to help protect your business from cybercriminals, including various preventative steps you can take to keep your data, company, and employees secure.  

Protect and separate your bank accounts

One of the ways you can safeguard your business is to protect and separate your personal and business bank accounts. In the first instance, ensure you’re signing up with a reputable bank account.

The top banks will have strong regulations in place already, while there are several challenger banks that also have a good reputation when it comes to keeping your data and financial information safe. Keeping a good track of the activity in both bank accounts is a good habit to get into as it will help you notice any irregularities which may be signifiers of a potential breach in security. Remember not to share your pins with anyone you don’t trust!  

Tamper-proof business stationery

When considering your business stationery, ensure you invest in a tamper-proof version when it comes to stationery like voucher checks and the like. They’re great ways to keep track of deductions and payment details to simplify your record keeping. And having that information accurate and on hand should you experience a data security issue is really helpful.

Employee background checks

Of course, you always want to be able to trust your employees. But when it comes to best business practices, and for peace of mind, you will want to perform employee background checks before bringing people on board. 

These can include DBS checks as well as various reference checks. Ensure to request these from potential employees before interviews as you don’t want to waste your time if they can’t provide the right information that will keep you safe. 

Educate your employees

When it comes to safeguarding your business, your first point of call is your employees. But your employees can’t help protect your company and its important data if they don’t know-how. That’s why it’s so important to educate your team and provide the right kind of training.

Not only will this ensure that your employees are comfortable and confident in their position – but that you also get the added peace of mind knowing your valuable data is in safe hands. Keep them regularly updated on new protocols and bring in an external training team, if necessary, who are knowledgeable of the latest when it comes to security. 

Safeguard your computer systems

Your computer systems are where so much of your company data is stored, so it’s important to safeguard them from fraud. Keeping your computer systems updated with the latest software is just one of the ways you can make sure you’re getting the best protection. If necessary, hire a company to review your computer systems just in case you’re missing something important. 

Schedule a review every six months – things change fast in the online world, so you always want to be ahead of the game when it comes to online safety. 

Purchase insurance

You purchase insurance for your home, your belongings, your car — so why not purchase it for your business and data? Be sure to review all the different options available for making a choice when it comes to insurance. And if necessary, ask an expert who can advise you on what the best policy will be for you.



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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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