Financial fraud is still a huge threat to both enterprises and Small & Medium Businesses – even though there have been big advancements in technology such as 3D secure authentication and more robust payment solutions.
Statistics show that two-thirds of business owners are concerned about financial fraud, but despite this, many customers still use public Wi-Fi to log onto websites and accounts to shop or bank online.
This is just one example of how business owners unwittingly put their information at risk.
Businesses need to change the way they track the movement of money, and a critical part of this is ensuring that they are aware of how to avoid banking fraud.
Here are some ways that Small & Medium Business owners can avoid the fraud trap:
1. To avoid falling victim to the fraudulent change of bank account details; maintain a good relationship with existing suppliers and know your contacts so that you are able to liaise with them when required.
2. Educate your team about scams such as the deposit and refund scams in order to avoid them.
3. Vary your passwords for your different banking sites.
4. Do not keep your passwords and/or pins saved on your mobile device.
5. Place restrictions on the amount of information an employee has access to.
6. Never disclose personal details, such as your password, on email or over the phone unless, of course, it is one you have agreed with your bank for telephone banking.
7. Regularly check your bank account and statements for suspicious transactions. If you spot something unfamiliar, report it to your bank or card provider as soon as you can.
While technology can assist in reducing fraud, it won’t help if you don’t get the basics right. Make sure that everyone in your business is aware of these simple measures and keep up to date with the latest trends in cybercrime.
Donovan Marais is the Channel Manager at Sage Pay.