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

Guarding assets and people

Be a good citizen

Give advice and help customers to protect themselves. When a business or person is defrauded, everyone they are connected with becomes the next potential victim.

Know what you’ve got

Ensure you know what you have and how well it is currently protected. Some processes aren?t regularly looked at. It can be surprising to know just who has access to what especially with business data.

Keep it safe

Your front door has a lock, and probably an alarm. Online, the locks need to be upgraded proactively and include firewalls, password managers, age verification tools and online document verification services. When you’re starting from nothing it’s worth taking a free trial or free software solution to start off with. If you’re growing it can be worth upgrading to professional services.

Know your customers inside out

No one knows your customers like you do, so make sure to take notice of how they behave and when their orders just aren?t usual it might indicate that their account has been taken over.

Set your limits

Set the types of payments that you are prepared to accept, and the channels of doing business. Don?t accept business that you can’t trust be confident in the solutions and services you use.

Treat your business identity like your own

Shred documents you don’t need, guard your corporate banking details, and look out online for your name being used in vain.

Protect customer data like gold

Secure the data you look after. Ensure you are compliant with regulations like PCI Data Security Standard (PCI DSS). Keep an eye out for new regulations and be ready well in advance to smooth the transition if needed.

Nick Mothershaw is ID & fraud expert at Experian

It seems counter-intuitive to believe but it’s true, for even smart people make stupid mistakes thus the future of cyber security is smarter than humans.

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