With more finance scams coming to light, you may have concerns about the welfare of your business. Avoiding finance scams can help to keep your business safe. However, keep in mind that hackers and scammers are well versed on how to get into the psyche of business owners, making them doubt their security. Following these tips can give you that much-needed reassurance on best practices.
Looking after your money is crucial for your business to continue growing and trading. Falling victim to finance scams doesn’t just affect your business in the present. It can also have a profound impact on your relationship with both suppliers and clients who may worry about the security of their own information on their systems.
Whether you need to send money to a supplier or have a query on an account, making payments blindly could increase your risk of falling for financial scams. Even if you plan on paying someone who you have used regularly in the past, it can be good practice to always ensure that the payment details match up to those you used previously.
Many payment methods now check the validity of account information on your behalf, offering an additional layer of security. This can be especially important when transferring larger sums of money.
You may receive calls or emails claiming to be from your bank. These may look or feel real, especially if they know some of your information or use the same logo and lettering that you are often used to. While these may seem legitimate, it is important to not be fooled.
Rather than giving up any personal information, it is a much better idea to end the call, or not reply to the email. From here, contact your bank directly, using a number you know to be correct.
This way, should the information you received have been correct, you can still proceed. However, this can also help to notify the bank of any fraudulent activity or scams that may be occurring, allowing them to protect you and their other customers.
If something doesn’t feel right when you discuss finances with an individual or external company, there is a chance that your instincts may be correct. Remember that a call or email doesn’t need to be dealt with immediately. You should always take your time to make a decision.
Ceasing communications can allow you to talk with your team, or even do some research, to ensure that you are speaking with the right person about a legitimate matter.
When doubts arise, it is better to decline and seek further assistance. At times, those participating in finance scams may attempt to coerce, blackmail, or frighten you into agreeing. Part of your role as a business owner is to not give in to these demands and act in a way that will protect your company and its employees.
You may not require all of your employees to have access to financial information pertaining to your business. Although you may trust your employees, the reality is that the more people who have access, the easier it may be for finance scams to take place.
Therefore, you may want to restrict access to your business accounts only to those who may require them, such as heads of departments or those who make purchases on your behalf. Much like you would do to secure your files, this means a lower likelihood of the information being coerced or manipulated out of your team.
Should finance scams still occur, this would also make it significantly easier for you to track down who made the error and what happened, to try to mitigate damages.
One of the biggest threats to your company can be a lack of understanding about the different finance scams and risks that occur. By educating yourself and your team on the different security issues that companies can face, as well as how to best avoid them, you can gain the power to not fall for even the most complex finance scams that may come your way.
Finance scams can come in the form of fraud and phishing, as well as authorised push payment fraud which entices you to freely give information to a scammer so they may gain full access to your accounts.
While understanding these risks can be daunting, especially when you learn just how many dangers they are, an increase of knowledge will only serve to protect you.
Although you may hope that you will never fall victim to finance scams there is always the possibility of this occurring. It is better to adopt a mindset of it not being if you will be targeted, but rather when it will occur. Being proactive about this issue could stop you from becoming another cyber-crime statistic.
Cyber security training can help your employees to understand each risk and how they can keep themselves safe. This is achieved via short training videos and quizzes to confirm their knowledge. Additional education on the dark web could also help them to better understand the darker aspects of modern technology in the workplace.
Anne-Marie Blazdell
Anne-Marie Blazdell is a Marketing & Communications Manager with expertise in digital marketing, content creation, and IT solutions. With a strong foundation in graphic design, she trained at Farnborough College of Technology and Southampton Solent University before advancing into marketing and business IT support.
Since joining Syn-Star in 2022, Anne-Marie has specialised in crafting SEO-optimised website content, managing social media, and helping businesses navigate the complexities of IT. Her work bridges the gap between technology and business, making IT more accessible and effective.
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Anne-Marie Blazdell
Anne-Marie Blazdell is a Marketing & Communications Manager with expertise in digital marketing, content creation, and IT solutions. With a strong foundation in graphic design, she trained at Farnborough College of Technology and Southampton Solent University before advancing into marketing and business IT support.
Since joining Syn-Star in 2022, Anne-Marie has specialised in crafting SEO-optimised website content, managing social media, and helping businesses navigate the complexities of IT. Her work bridges the gap between technology and business, making IT more accessible and effective.
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