5 fraud threats to defend against.
Fraud is a bit like a whack-a-mole game. The many devices and tools we use to connect allow us to do business more quickly, but it also creates more openings for fraudulent actors to compromise your network. The key is knowing what to look out for, so we’ve listed five common threats below. In the e-book “5 strategies for fraud mitigation,” we provide a deep dive into the software and protocols to use to defend against them.
1. Malware.
With the click of a link, someone on your staff could download malware to your system. Malware can quickly take over a network, harm computers and allow outsiders to access private information. Your email is especially prone to attacks by hackers who use fraudulent attachments, malicious links and other tactics to deploy malware.
Train your staff to avoid opening suspicious emails and clicking on any attachments or URLs contained within them. In “5 strategies for fraud mitigation”, we list the technology and best practices for defending against malware attacks.
2. Fraudulent transactions.
ACH is one of the most secure methods of sending payment, but it has its own fraud vulnerabilities nonetheless. Someone may pose as a vendor to initiate transactions or change routing information.
Always call the vendor at a direct number to verify requests are authentic. Simply returning the call or replying to the email you received could be dangerous because caller ID and emails can be fraudulent screens set up by hackers.
3. BEC scams.
In a BEC scam, a fraudulent actor uses email to pretend to be an executive at your company to initiate unauthorized wire transfers. These scams are often successful because the employee trusts that an executive is making the request.
According to the FBI, roughly $1.5 billion was lost in such scams between October 2013 and May 2017. There are several best practices to follow to ward off BEC scams, including training employees to identify them and follow set verification procedures.
4. Shoulder surfing.
If you maintain a physical location where you host customers, make sure your business computers are kept away from public areas. Otherwise, someone might seize the opportunity to peek over an employee’s shoulder at sensitive information. Utilize a time-out feature and password-protect computers as well.
5. Browser attacks.
If your browser isn’t up-to-date with the latest version, it may be vulnerable to viruses, spyware, and other security threats. Be sure to apply any updates to your computer’s operating system and browser as soon as they’re made available.
You probably aren’t an IT professional, and network security maybe isn’t in your wheelhouse. Still, today’s fraud climate requires all of us to understand these threats. It sometimes feels like fraud comes from all directions, but the best you can do is stay up to date on potential risks and set up appropriate security technology and protocols. To learn more about ways to secure your business, be sure to check out “5 strategies for fraud mitigation.”
