Small businesses are generally targeted for identity fraud
and account takeover. Once something happens, they tend not to have a lot of
resources to deal with it. These businesses are easily attacked because they
arent familiar with the fraud prevention services available or think they are
too expensive and dont know how to use them. In new findings, the majority of
small businesses have no policies or best practices in place to protect them
from cyber-risks associated with remote networking, email and Internet
vulnerabilities. In the coming year, only 22% of them plan to take additional
action from what theyre doing today.
Small business owners rely on their banking
institutions for fraud detection and prevention, rather than monitoring
their accounts as well. Their main concern is credit card and debit card fraud
and business identity theft. Even with these concerns, small business owners
still arent doing enough to enhance their fraud defenses. We suggest that
small business owners talk to their banks and other service providers who can
help them make informed decisions about steps that will make the most sense for
their own business.
Owners should review the contracts they have in place. The
consumer protections that are provided by a banking institution are usually
different than the small business protections and its important to know the
difference. Protecting yourself from financial fraud should be a concern for
everyone especially for small businesses. Research shows that small businesses
are easy targets for fraud. Small businesses comprise the highest rate of fraud
and largest median loss. Even with this information, a low percentage of them
plan to take additional action for fraud prevention.
Ask these questions when improving fraud
- How are you protecting yourself?
- What are your plans over the coming months and
- How can EVS better help your plan moving
[Contributed by EVS Marketing]