12 Surprising Facts That You Probably Didn’t Know About Business Fraud

cyber security


No matter what sized business you own, you’re still able to be targeted by fraudsters that are after your hard earned cash. The word fraud scares many people, and so it should. The problem with that is that people in general don’t know enough facts about fraud, and this can sometimes lead them to becoming a victim of it. It’s time to begin protecting your business by learning some surprising facts that you probably didn’t know about fraud.

  1. In 2015, the average merchant lost over 1% of their revenue alone through fraudsters.
  2. Many celebrities around the world have been targeted and had charges come through that they didn’t make.
  3. Did you know that something as simple as creating a social media account in someone else’s name counts as fraud? Especially if you’re using a real person and copying their photos. The same counts for businesses too, so make sure that when you’re using social media to promote your business that you’re confirming you’re the official page for the business so that you don’t get accused.
  4. If you handle personal files within your business, it’s now easier than ever to detect someone that’s trying to commit a fraudulent crime due to verification services. You can read more information here at https://www.jumio.com/trusted-identity/netverify/.
  5. Business email scam chains are on the rise. Make sure that you’re training your staff to be aware of what a scam email looks like. While training is definitely something you should get for them, here are a few ways in which you can protect yourselves in the meantime:
    – Always logout of computers, webpages and email accounts, you never know when a hacker is waiting to access your files.
    – Never trust a site that doesn’t have the secure padlock on the web address bar.
    – If an email seems too good to be true, then it more than likely is. If you’re not sure then why not do some research on the company or person that’s attempting to contact you before clicking on any links that they’ve put in the email.
    – Make sure that all computer systems within the workplace have up to date antivirus systems on them, and that they are checked regularly for any trojans or viruses that need getting rid of.
    – Change passwords regularly.
  6. Hackers can gain access to your files by simply waiting for you to access a page that they can gain information from you on. For example, if you’re logging into your business banking, they will present you with a dummy page that looks exactly like the page you were expecting. As soon as you’ve entered your credentials, fraudsters have instant access to your accounts.
  7. You’re more likely to be targeted by hackers and fraudsters on public WiFi or WiFi that isn’t password protected. If your router doesn’t require a password be sure to set one to make it harder for hackers to gain access to your files. This is achieved by encrypting all of the information that’s on your computers and other devices; therefore preventing hackers from gaining access.
  8. If you’re still using cheques within your business, it might be time to consider changing methods on how you accept payments. Cheques are still the easiest thing for fraudsters to multiply, and businesses are easily targeted through the use of them. Stick to online banking, card payments, or regular cash in the hand payments from your customers.
  9. Many businesses across the globe are still being blackmailed by fraudsters that have gained access to their companies files. If they find some information that they know the company will want to keep a secret, they are then able to exploit them by asking for money to keep the information to themselves and returning their intellectual property.
  10. Did you know that the most expensive virus to hit a business cost a whopping $38.5 billion? Imagine that bill landing on your doorstep!
  11. It usually takes at least a month to capture fraudsters that have stolen information, money, or anything else that doesn’t belong to them.
  12. Surprisingly, even though all of these facts are widely obtainable, only 24% of businesses have taken action and put in place extra security to protect themselves.

As you can see with these 12 facts, it’s too easy in this day and age for fraudsters to gain access to your business. Take action now and protect yourself from this awful crime!