In part one of our blog series we looked into several types of business fraud and how to make sure your business stays safe.
Fraud can be devasting for SMEs, and as a business leader, its necessary to make sure you’re aware of what could be around the corner in order to take precautions.
In this blog, we look closely at ‘phishing’ and also give a handy checklist of steps to take to keep protected.
Phishing is a form of fraud that makes use of both technology and social engineering. This form of fraud revolves around attackers sending deceitful digital content to a business in the hopes of getting them to divulge sensitive, or crucial business information such as financial details. This could take the shape of computer viruses, false emails, or website pages, or scam phone calls.
While phishing can take shape in multiple forms, there are some preventative steps that can be taken to improve your business’ resilience to it.
Anti-virus software: Most Windows computers will come pre-packaged with an anti-virus: Windows Defender. Though, some businesses may wish to invest in alternative/supplementary options. These can be bought with enterprise licenses for hundreds, if not thousands, of devices to be secured.
These days though, anti-viruses aren’t just for PCs. Mobile phones, especially those running Android, can be attacked. So, make sure your anti-virus provider of choice also supports mobile devices.
Secure your accounts: In this modern age, it’s sometimes not enough to just have a strong password. While strong passwords are recommended, they alone cannot defend against business phishing attacks.
To truly secure your business, you’ll need at least one form of two-step verification for login attempts. This can either be from an MMS-based verification code or an authenticator application installed on a central device.
There are also physical forms of two-step verification, such as USB keys and fingerprint scanners, which will only permit access when such tools are connected to the device attempting to log in.
Know the signs: Phishing can be hard to spot, but it is absolutely possible to do so. Common forms of business phishing involve:
Securing company connections: This final tip is especially useful for remote employees that work from home or in public places. Any company-issued tech should ideally be protected via a VPN. This will tunnel any outgoing traffic through a trusted network within the business and help employees to access any on-site resources such as network storage.
Of course, all these kinds of fraud will have their own specific solutions and methods of defending against them. But, to ensure your business is broadly covered, we’ve developed this 10-step checklist:
As you can see, fraud can be a major inconvenience. Thankfully, with these methods, you can avoid it and make your business more resilient to its impact.
As another layer of protection, Aldermore offers business savings accounts devised to keep your financial planning in check with a safety net.