Help protect your business
Five essential strategies to help safeguard your finances
BY ARAM ANTHONY
SMALL-BUSINESS FRAUD is becoming all too common, and the impact can wreak havoc on a business’s bottom line, as well as its reputation. Here are five ways you can avoid fraud and help protect your business.
Be vigilant for malicious email attachments Scammers will often embed malware or
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victimized by a ransomware attack, you are only at risk for losing data added to your system since your last backup. Watch out for other types of business email compromise (BEC) There are many other ways fraudsters may try to compromise your business through email scams. Some of the more common tactics include CEO impersonation, account compromise, submitting false invoices, attorney impersonation, and W-2 or employee data theft. 2
ransomware in an email attachment. Opening the attachment activates the malware, which, once activated, can transmit usernames and passwords. Ransomware is even worse because it can block you from accessing your files until you pay a ransom. Some ransomware programs will even delete your files entirely if the ransom is not paid before a predetermined deadline is met.
What you can do: Never click on links or files embedded in emails, especially from unknown senders. Make sure employees
are made aware of this policy. It’s always better to type the URL in manually from an authentic bank document or the back of your bank-issued card. Also, perform system backups regularly. You can mitigate the worst aspects of a ransomware attack by performing regularly scheduled backups that include your entire system. Make sure to make multiple copies and store them securely offsite. That way, if you are
What you can do: In addition to firewalls, the best defense against a BEC attack is to bring a heightened sense of awareness whenever
you or your employees interact with email. First and foremost, examine email details closely. Does the email address match the person or the organization it claims to be from? Then validate the
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IN YOUR CORNER ISSUE 17 | 2024
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