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Protecting your business from cyber fraud doesn’t have to be tough or expensive

It’s becoming more widely acknowledged that cyber fraud is a very big (and illegal) business sector. Indeed, figures from the annual Crime Survey from the Office of National Statistics this year included questions on fraud and computer misuse for the first time, in acknowledgement of the rising threat.
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The inclusion by the ONS shows that cyber fraud is being taken much more seriously as volumes rise. Elsewhere, Experian’s research has shown that ID fraud is soaring, and that 67 per cent of all current account fraud occurs as a result of ID fraud.

Only two years ago it accounted for only 39 per cent of all current account fraud. Over the same period, savings account frauds grew from 68 per cent to 92 per cent, and insurance claims from 11 per cent to 30 per cent – all as a result of ID theft-based fraud.

Why me?

Businesses are targets because they are a faster route to greater amounts of money. It’s less complicated for an individual to keep an eye on their statements for any unusual activity on their one bank account or credit card, as well as know when they are receiving post or bills that they should not be getting.

For a business with hundreds or more customers, as well as suppliers, it’s not as easy and there may be a longer time lapse before they spot it. Businesses face risks in many forms, from “man-in-the-middle” attacks, “friendly fraud” and ID theft to money laundering – amongst many others too.

Whether a victim of fraud or looking to tighten up procedures to close the loopholes, it’s wise to turn to an expert. There are professional services and expert advisors that businesses can turn to in order to help them get back on their feet after fraudsters have taken advantage. Of course it’s better to not be a victim at all.

Any business can fine tune its processes so the business can be sure of its assets. It is worth assigning someone in the business responsibility to holistically investigate the customer management, IT and financial arrangements regularly to be sure the latest thinking, techniques and tools are deployed. This helps ensure the business is still two steps ahead of the criminal element.

Continue on the next page for some free-to-implement cyber fraud tips in order to keep your business safer from the criminals preying on easy targets.

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