security, fraud, wire fraud, phishing, identity theft, EMV, chip technology Illustration by Kotryna Zukauskaite Illustration by Kotryna Zukauskaite Illustration by Kotryna Zukauskaite Illustration by Kotryna Zukauskaite
Small Business

Managing a Small Business

Hot Topic: Preventing Fraud & Securing Your Business

As a business owner, you'll encounter many problems that could impact your bottom line. Fraud shouldn't be one of them, but unfortunately, security challenges are real, and prevalent. According to the 2015 Payments Fraud and Control Survey from the Association of Financial Professionals, 62 percent of companies were targets of payments fraud last year.

Read more about the report for more on how you can reduce your chances of falling victim to future fraud attempts. Among its findings:

  • Wire fraud incidents were a much larger source of fraud attempts in 2014 vs. 2013.
  • Paper checks are still the payment type involved in the largest share of fraudulent attacks.
  • Credit and debit cards accounted for a smaller share of fraud attempts in 2014 than in 2013.

It's important to understand how your business may be at risk. Here are some resources that may help:

Fraud is Diversifying Fast: This infographic has more information from the survey cited above.

Identity Theft: Is Your Business Vulnerable? Just one data breach could cause significant damage to your business. Are you doing enough to reduce your business' chances of being a victim? Here are some steps to consider.

The Malicious Insider: Sometimes, the threat of fraud comes from the inside. This "malicious insider" is sometimes an employee of the company who has gone rogue. Other times, it's an attacker outside of the company who has stolen employee account credentials and poses as a legitimate user. Either way, it can be difficult to detect.

Is Your Vendor Serious About Data Security? Your business may be safe, but if your vendor has vulnerabilities, you still may be susceptible to fraud. Here are some factors to consider in selecting vendors that will have access to your sensitive data.

Breaches and Chips: Be Ready for New Payment Cards: There are three letters that may play a big role in protecting your business against fraud: EMV. This chip technology is becoming the global standard for credit card and debit card payments. Here are some things to know about how the switch to EMV may affect your business.

3 Steps to Improve Your Cyber Security: A breach can destroy consumer trust, damage brand reputation and hurt sales. Here are three steps that may help.

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