Businesses need to be more aware than ever when it comes to cyber security. Scammers have increasingly complex ways to defraud businesses and email compromised scams are examples of this.  There are a number of ways in which you can protect your business against these scams.

Email Invoicing Scam

Email invoicing scams are currently becoming a major problem for business owners. They work by a hacker gaining access to a business’s email account or a spoof email that appears to belong to the company. They then use this address to send customers emails asking for bank details or sending false invoices. This can go unnoticed for quite a while, allowing cash to gradually flow to the hackers as people innocently send their invoice payments to them.

Inform Staff of Potential Scams

One thing that can be done to avoid a range of email scams is educating and informing staff. If they know how these scams work, what they look like and how to spot them quickly, they’ll be in a much better position to report the issue and promptly take appropriate action. Don’t assume your staff are aware and instead, ensure all staff know scams exist and some key indicators to keep an eye out for.

Up To Date IT Security

IT security can help prevent many instances of hackers trying to compromise an email account. It is highly recommended that you have anti-virus software and anti-spyware software installed, and kept updated. Updates are important as they generally resolve bugs, exploits and errors that have been found and can be used to compromise security.

Multi-Person Approval Processes for Transactions

Having a multi-person approval process for transactions, especially the larger and more important ones, will help avoid scams and ensure everything is above board. It also protects against mistakes being made by just one individual. By having more touchpoints in the process, the chances of errors are reduced and security awareness is heightened. 

Check and Double Check If Something Seems Wrong

Finally, when something doesn’t seem right, look further into it. By not just being aware but acting on your observations, you may be able to stop a scam in its tracks. If you see something out of place, double check with a colleague.  It does not take long and it may just protect your business and your customers.

As scams get more convincing and tougher to detect, the challenge for businesses is to stay aware and educated. Knowing the backend and movement of your business’s finances can be a valuable security asset.