How to save your Business from a Scam?

Avoiding Business Scam

Are you running a business? Then surely you have to protect your business from various marketing scams and frauds. This is a very unfortunate and alarming situation that the number of scammers are increasing day by day. These scammers are experts in their methods of scams and frauds. It is essential to save businesses from a scam. 

How to save your business from a Scam?

The security of business is the most important matter. Below we will give some tips to save your business from different kinds of marketing scams and fraud.

Protect your Online Information

Online information is sensitive data in the computer such as login credentials or financial data. This online information should be protected in your computer so that no one can steal it to scam or fraud with you. Ensure that you keep the security of software of your computers while entering such data because some software contains captured data or other information. While entering data make sure that you are entering data in HTTPS URL website. This is a secure website where your information cannot be stolen.

Aware Employees about Scams

Your employees can be the biggest reason where the scammers scam you or your businesses. Proper training of employees and creating awareness among them help to remain vigilant from such types of scams. These preventive steps are to protect your business from scams. Fake invoices, Utility Company Imposter Scams, Government Agency Imposter Scams, Tech Support Scams, Social Engineering, Phishing and Ransomware are some common scams. 

Check and Observe your Account

If you want your business to save from various kinds of scams or frauds, it is recommended to daily monitor your accounts. Login to your account through a mobile banking app or any similar method and check for your account activity or your financial balance. If any suspicious activity or unauthorized transaction is done, you can stop it very quickly. Moreover, you can also set online banking alerts. This will immediately inform you of any unauthorized activity from your account.

Keep Strong Password

A strong password is the most secure way in protecting the online accounts or other sensitive information or data in a computer. While setting up a password you should follow the guidelines for passwords. Make sure that your password includes alphabets, numerical keys and special symbols. The combination of upper case, lower case, numeric key and special symbols will create a strong password which is not easy to be cracked or hacked. Changing password regularly in 2-3 months is good practice from the protection of scammers.

Make Strong Internal Control Policies

Internal control policies create an obstacle and make it very difficult for scammers to scam you. Companies should make policies so that not a single person controls transactions. Also the policy includes that while payment, you will need two or more approval. These internal control policies make your sensitive data secure and prevent scams and fraud.

Avoid Clicking Suspicious Emails

Phishing or suspicious emails is the strong weapon of scammers to scam the business or people. Usually scammers or fraud send phishing emails for gaining the access to steal your data or information. Normally they act as the trusted source or the one whom you can trust. These emails appear normal such as routine password updates or other messages. You can check the authenticity of email before clicking it by contacting the person or organization.

Shred Sensitive Documents

Keep banking records such as ATM, deposit slip and check slip you deposit through online banking apps until you restore them with your financial statement. Once it is restored, tear it. Store your monthly checking and saving account statement securely until you file your taxes, then tear it until you need to prove a deduction on your tax return. 

Backup Data on Computer

Backing up your data on your computer is the most important step and precaution measure from losing data. Although you may have implemented all steps, it is recommended to make a backup of your data and store it at a secure location. In case if the data is stolen, you can recover it. 

Apply Fraud Detection Tool

Implement fraud detection tools on your computers. These fraud detection tools help you in catching the fraud before it impacts you badly. Advanced technology is a very strong helper in preventing fraud. 

Use of Ai driven tools such as Kount or Feedzai. This will inspect patterns in real-time to flag anomalies. You can also use Positive Pay. It automatically matches issued checks against those presented payments. This holds suspicious items for review. Usage of multi-factor authentication adds an extra layer of security.

Report Suspicious Activity

If you notice some suspicious activity then immediately contact and report your financial institution. As soon as you report them they immediately take action and save you from the scam or fraud.

If the fraud happens, then it is important to prepare a response. It include Freezing affected accounts, preserving evidence, law enforcement, legal counsel etc.

Conclusion

While scammers are evolving and finding new methods and ways for committing fraud your awareness is the strong shield and protection for protecting you from such scam and fraud. By implementing the above steps immediately you can save your business from scam. By staying updated you are not just protecting yourself but also creating obstacles in between the path of success of the scammers.