Most companies are a target for fraud and knowing how to protect a business against fraud threats is critical in the digital landscape we are living in today. Use these five tips to help ensure your business is protected from potential fraud and cyberattacks.

  1. Understand the threat of business fraud

There are many types of business fraud to consider, but four types have grown to become the highest threat to businesses.

  • Asset misappropriation. As the most common type of fraud, asset misappropriation is when an employee steals cash or other assets through fraudulent means.
  • Business email compromise (BEC). BEC is a scam designed to access company information through phishing, social engineering, email, social media account spoofing and malware and can involve vendors, billing systems and online message traffic.
  • Social engineering. Fraudsters use deception, manipulation and trickery to influence a target to go outside of standard security protocols to divulge information for nefarious purposes. For example, fraudsters can ask a user to give up a login and password, change banking information or send a confidential business file because it was recently “lost” by accident.
  • Insider fraud. Insider fraud is when a person accesses your valuable digital resources.

The impacts of fraud can be…

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