5 Practical Ways You Can Protect Your Business From Fraud

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Significant economic changes are virtually always a trade-off. The eCommerce revolution has created groundbreaking financial opportunities while introducing an insidious and sophisticated diversity of cyber threats. Thankfully, fraud detection solutions that are just as sophisticated as the threats they’ve been developed to counter are now available. With some preparation and technology to detect new account fraud and other threats, your business can far more safely prosper and expand online.

Become Educated on the Existing Fraud Threats

Researching and familiarizing yourself with cybercrime threats and fraud risks in general and those most likely to target your business specifically is essential. It may sound obvious, but far too few of those who rely on online financial transactions educate themselves on the specifics of those threats. The more you learn about the risks, the better positioned you are to detect them and take action.

Train Your Team Members on Fraud Threats

It’s just as essential to train and educate your team members as effectively and thoroughly. Train your team members about cyber threats and fraud risks and how to spot scams like phishing, spear phishing, and social engineering attacks. Ensure they’re familiar with your information systems and procedures, including implementing basics like a sound password policy. Finally, make part of that training the development of a plan in case of any data breach or fraud attack.

 Integrate Behavioral Analytics Solutions

One of the greatest cybercrime threats to businesses today is the emergence of highly developed fraudsters and fraud rings. Along with online fraud costing companies billions annually, scams like new account fraud can cripple a business’s ability to gain new applicants and customers. Find a detection solution that leverages behavioral analytics technology and identity orchestration and verification. Innovative technology can proactively guard against millions in losses for your business while unlocking millions in revenue generated by genuine customers and applicants.

 Create Backups and Copies of Crucial Data

With any breach or intrusion, there is the risk of sensitive and critical data being copied and exploited by bad actors. There is also a risk that critical data will be stolen or destroyed maliciously or accidentally. Effective policies and technologies can help detect those attacks. However, creating backups and copies of the most critical data is still vital. If possible, make that data backup automatic. Store backup data and copies securely in the cloud or otherwise offsite.

 Compartmentalize Devices Along with Critical and Sensitive Data

The more devices from which someone could access your business’s sensitive or financial information, the greater the risk to your business. That’s why it’s best to keep your fraud detection technology current and functional while also limiting physical access to your business’ devices. For instance, securely store company laptops when they’re not in use and create company user accounts for every team member. Additionally, compartmentalize sensitive and financial data. Use dedicated devices for online financial transactions—devices that are not used for going online, using email, or accessing social media.

 About NeuroID

Expanding your user base in the face of online threats can be intimidating, but you can’t afford to be deterred by bad actors. NeuroID offers groundbreaking technology and innovative tools. With NeuroID, you can secure growth in the digital space without falling victim to fraudsters. Using the power of behavioral analytics, NeuroID reads digital body language to spot signs of fraud. ID Crowd Alert™ from NeuroID monitors digital identity at scale. It visualizes crowd-level behavior and provides alerts about fraud ring activity, bot attacks, and more. For rapid, accurate identity orchestration and ID verification, NeuroID offers ID Orchestrator™. With NeuroID, you can navigate the digital identity crisis and stop would-be fraudsters at the point of attack.

Protect your business from threats to your bottom line at https://www.neuro-id.com/

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