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The Damage of Online Fraud On Your Business

Most growing business owners don’t recognize that online fraud is a real threat. They’re busy taking their business to the next level, not protecting their assets. And they assume that they are protected by their bank, which they are not. We never thought it would happen to us is a common refrain among businesses damaged by fraud. But the truth is this: fraud happens, and when it does, it’s devastating to your business – from lost funds to business distractions to litigation costs

Limited IT resources and funds can make implementing state-of-the-art technological defenses impractical for growing businesses. You can work more closely with your bank to set up some limits and alerts, but these can be cumbersome – and do nothing to protect you once fraud happens. You can implement strict best practices among your employees – limiting account access to funds, dedicating one computer for banking, and monitoring accounts vigilantly. But all it takes is one slip-up to let a cybercriminal in. And they’re as persistent as they are devious. The good news? Fraud is avoidable. You just need to take the right precautions.

Fact remains, cybercriminals love growing businesses, since they have more money in their bank accounts than individuals, but often lack the sophisticated technology and vigilant processes of larger organizations. Gartner estimates that more than 10 percent of small businesses have had funds stolen from their bank accounts. Will yours be next?

This is an excerpt from the paper ‘Online Fraud’. You can get the complete copy here.

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