Cyber fraud remains one of the most common and dangerous types of fraud that occurs around the world. It can take any of the following forms; business email compromise (BEC), phishing and spoofing, denial of service (DoS), ransomware, etc.
The increase in cyber fraud today can be attributed to the tremendous growth and expansion of cyberspace in the twenty-first century, allowing fraudsters to hack into the personal and financial information of both individuals and companies alike.
Fraudsters use the information they collect to fund themselves or, more worryingly, wreak havoc. As a result, individuals and businesses must understand how to protect themselves from cyber fraud. So here are 7 fraud cyber detection tips you should consider for your online business?
- Install Anti-virus and Firewall Software
Widely used to combat malicious attacks, the anti-virus software prevents malware and other viruses from infiltrating your device and damaging your data. Use only anti-virus software from reputable vendors, and keep only one anti-virus tool running on your device.
A firewall plays a key role in investigation, screening out hackers, viruses, and other malicious Internet activity, and controls what traffic is allowed to enter your device.
- Block Unverified Request
Financial institutions such as banks don’t send text messages or emails asking for your private information like accounts or social security numbers.
Once you get a mail or text with such a request, you should immediately file a report. Always use secure mail within the bank’s secure online banking platform if you need to send sensitive information to your bank via email.
- Update Your Software
Using known flaws in the software and operating systems that run your computer or phone, cybercriminals can easily access your vital information. Updates are important; patching these loopholes can greatly reduce your chances of becoming a victim of successful cyber fraud.
- Beware of Phishing Emails
Phishing emails should be avoided. These emails are traps to make you click on links within the email that will give access to external persons or users.
The links in the email are frequently used to install malicious software on your device. With this malicious software, cybercriminals can steal personal data.
- Don’t Skip Privacy Policy.
Always ensure you read the privacy policies on the website. Despite their length and complexity, data protection laws explain how the site protects the private data collected. Consider doing business with an alternative site if you can’t see or understand a site’s privacy policy.
- Have a Backup
While backing up might not seem like a detection tip, it’s a must because your device can go off without warning or detection.
Backups to an external hard drive regularly will aid you in recovering your data in these situations. Use an external hard drive and a secure cloud provider to create backups and keep your files secured.
- Always Reset Your Passwords
Many people are susceptible to cyber fraud because they use weak passwords and are not discreet enough about it. Passwords should never be shared or repeated across numerous websites.
A general rule of thumb is to renew your passwords every 3-6 months of use, preferably using a combination of numbers, alphabets, and special characters to create new hard-to-get passwords.
Also, change both the password and the SSID for your wireless network. Consider using encryption on your network instead of broadcasting your SSID.
Conclusion
Cyber fraud attests to 3% of the global economy, and it doesn’t seem like it’s going anywhere soon. The best action business owners can take is to pay attention to the above fraud cyber detection tips and practice them.
While doing this might not completely free them from the hands of cyber fraud, it is a step in that direction.
