7 Best Ways to Prevent Fraud Before It’s Too Late

7 Best Ways to Prevent Fraud Before It’s Too Late

In 193 AD, the royal guard killed the Roman emperor. Then the empire was auctioned off to one Didius Julianus in 193 AD. Julianus had paid somewhere around $1 billion in today’s money.

Unfortunately, the guards had scammed Julianus by selling something that didn’t belong to them. Julianus was emperor for a few weeks before he was overthrown.  

This was one of the earliest and biggest scams in recorded history.

Financial frauds like this still exist but on steroids, thanks to technology. However, modern problems demand modern solutions.

In this article, we will

 

7 Best Ways to Prevent Banking Fraud

 

Here are seven types of banking fraud and some of the best ways to prevent them.

 

1. Identity Theft

 

In the age of the internet, it has become really easy to become someone else online.

Fraudsters use different methods to extract your personal identifying information such as your social security number, date of birth, or credit card number.

Scammers employ phishing, among other techniques, in which they pretend to be someone from a legitimate organization (e.g. a retail store or your bank) and send a fraudulent message and trick you into revealing your credentials.

This information may include passwords and even your password recovery details.

 

Preventive measures

 

Use powerful and up-to-date security software. Go for an antivirus solution that includes identity theft protection and monitoring capabilities.

Also, it is important to keep your operating system updated.

Watch out for phishing scams. Never click on any link that you received through an email, instant message, or social networking site.

Instead, use a search engine to find the website yourself to ensure you land on the legitimate page instead of a fake landing page.

Stop malicious emails before they harm you with DuoCirlce’s email security solution.

Use strong passwords. Weak passwords are easy targets for identity thieves. Avoid using the same password everywhere. Keep your password long.

Use alphanumeric passwords and use special characters, upper and lower cases to make your password strong.

Additionally, you can use password managers and multi-factor authentication (MFA) for that added layer of protection.

 

2. Wire fraud

 

Today, wire transfer fraud encompasses any bank fraud that involves electronic communication or the internet.

These can include an email, a phone call, a text, and social media messaging. This implies that anyone without much technical skills can target you.

The goal of wire fraud is to extract the victim’s financial information. The scammer will use this information to target the victim’s money.

Most wire transfer fraud involves one-time or infrequent fund transfers (or one without automated mechanisms such as international wire transfers).  

 

Preventive Measures

 

Use automated systems designed to detect suspicious or fraudulent activity. Artificial Intelligence (AI) makes it possible to continuously scan data going through a system, flag suspicious transactions, and alert humans to have a closer look.

Verify the authenticity of wire transfer requests using a multi-step verification process.

Avoid using public domain email accounts (such as @yahoo.com) for business purposes. Mandate wire transfer requests are sent from company domain email accounts.

Use two-person authorization (2FA) or segregate duties—if one person receives the transfer request, a second person authorizes the transfer.

 

This type of fraud occurs when scammers gain access to and make fund transfers from a person’s online bank account.

Online banking fraud can occur in many ways. The following are three common ways:

Phishing: Scammers use emails to trick victims into sharing personal information, including bank detail​s.

Vishing: Scammers call up potential victims to extract their personal and financial information.

Malware: Scammers use malware to capture your passwords and codes which can then be used to make fraudulent payments from your bank account.

If you want to know more about banking-related cybercrimes, read this article on banking fraud.

 

Preventive Measures

 

Keep financial data separate. For businesses, keep a dedicated system to handle all company banking tasks.

Once you are done with your banking activity, back up sensitive banking information before you clear your browsing history.

Never share any personal information via email. Banks won’t ask for personal data like account numbers or social security numbers. 

If you receive an email asking you to provide sensitive financial information—it doesn’t matter it if looks genuine—call to verify before responding.   

Keep your passwords a secret. Change your passwords regularly using a combination of numbers, letters, and special characters.

In addition to this, use encryption on your network and change your WiFi password regularly. 

Protect your computer. Besides keeping your operating system and browser updated, install antivirus software to secure your computer and network.

Additionally, installing and enabling anti-spam filters, firewalls, and anti-malware software will help fight malicious online activity

 

4. Account Takeover (ATO)

 

ATO is a type of identity theft and usually begins with compromised credentials.

Here, the scammer steals your working online banking username and password to siphon funds out of your account.

They could also access your credentials from the dark web or with the help of phishing attacks.

In the post-pandemic era, many people have shifted from physically offered services to online or cloud services.

Though this provides more connectivity, it also exposes us to online threats. Because of this, the risk of ATO fraud looms bigger than ever.

Another reason why ATO is difficult to detect is that banks try their best not to interfere with their customers’ spending as a way of rewarding trustworthy customers.

This may lead to overlooking suspicious transactions.

 

Preventive Measures

 

A consortium data system stores information from varied sources which is shared among businesses in the same sector/industry.

Banks should rely on consortium data for fraud prevention. They can create a database of threats or frauds perpetrated on them.

Automated systems can use these cases to self-train and self-improve and devise effective measures to prevent ATO.

Additionally, employ MFA or 2FA for an added layer of security to prevent scammers from using stolen credentials to access bank accounts.

 

5. Accounting Frauds

 

Accounting fraud primarily targets companies and businesses and affects business lending. This type of fraud involves intentional manipulation of a company’s financial statements to misrepresent the company’s financial health or to hide profits or losses.

Using fraudulent bank statements, businesses may take loans from banks to never repay the loan.

A good example of accounting fraud is the Lehman Brothers Scandals of 2008. It was found that the company hid over $50 billion in loans, which were disguised as sales using accounting loopholes.

 

Preventive Measures

 

Machine learning (ML) uses big data to fight financial fraud by learning from the past. Deploy an ML-based cybersecurity system that can train itself and protect you from new threats and techniques of accounting fraud.

Avoid letting your bookkeeper reconcile your company’s bank account. The person who pays the bills or prepares financial statements should never reconcile the bank account simply because it becomes easy for them to cover their tracks.

Close your accounting period once you produce your financial statement. This will help prevent the scammer from hiding a fraudulent transaction in a prior year.

Additionally, you can scan the bill and link it to each accounting transaction to make it more difficult to fake a bill.

 

6. Money Laundering

 

As long as people steal money or illegally acquire it, they will continue to look for ways to legitimize illicit gains. Laundering “cleans” the “dirty” money by passing it through a series of businesses or complex transfers or transactions.

Criminals target banks for whitewashing dirty money. So, banks with poor preventive measures to tackle money laundering are often at risk and may face legal ramifications.

 

Preventive Measures

 

Get rid of legacy systems, which are often outdated and can have loopholes such as physical ledgers and paper trails.

Therefore, it becomes important to consolidate these outdated systems into a single solution.

Implement Anti-Money Laundering (AML), which is a set of policies, procedures, and technologies designed to prevent money laundering. 

A robust AML control system can detect and prevent criminals from converting illegal funds into legitimate income.

Keep a “know your client” measure in place. This can help detect and report suspicious transactions for particular clients and help law enforcement trace the crime back to its source.

 

7. Card Information Skimming

 

 

Card skimming is a type of identity theft that involves the scammer stealing your credit card information or personal data. To do this, scammers install a small device on a real card reader.

It covers all types of banking fraud committed using a credit or debit card with the intent to obtain goods or services or to make payment to another account held by the scammer.

 

Preventive Measures

 

Never lose sight of your card. Make sure that you are the only one to use the card. Do not hand it over to a member or staff.

Keep your PIN private. Also, cover the keypad while entering your PIN.

Look out for signs of tampering (e.g. loose or broken parts) while using an ATM.

Flag suspicious activities. Call your bank, ATM provider, or local authorities if you notice any suspicious activities on your credit or debit card.

Upgrade your card. Upgrade to a card with chip-and-PIN technology. Microchips will encrypt your data while PIN will ensure in-person verification, thus making it more difficult to carry out fraudulent activities.

 

Conclusion

 

With the rapidly evolving online banking landscape, it has become extremely important to keep your personal and financial information protected from cybercrimes.

Also, the dynamic nature of fraudulent activities requires spreading awareness about online scams to effectively prevent banking-related cybercrimes. 

Hopefully, this article has provided you with some useful tips and measures to prevent banking fraud.

 

Author bio

Atreyee Chowdhury works full-time as a Content Manager with a Fortune 1 retail giant. She is passionate about writing and helped many small and medium-scale businesses achieve their content marketing goals with her carefully crafted and compelling content. She loves to read, travel, and experiment with different cuisines in her free time. You can follow her on LinkedIn.

Data Privacy And Protection: 11 Ways To Protect User Data

Data Privacy And Protection: 11 Ways To Protect User Data

Data privacy and protection are probably 2 of your biggest concerns when running a business only.

 

So we’re going to talk about 11 ways you can do to protect user data, the difference between data privacy and protection, data protection laws, and other important information you should know about online safety.

 

By the end of this post, you’ll be fully equipped to add data privacy and protection measures for your business.

 

Data privacy and protection of personal information is a wide-ranging subject matter. It is possible to eliminate the amount of danger posed by a data breach by implementing an effective method for protecting sensitive information from being lost, hacked, or corrupted. Safeguarding the confidentiality of personal information is a top priority for data privacy.

 

In terms of data protection and privacy, there is a lot more to learn. Continue reading below to find more information on this subject.

 

What Is Data Protection And Why Is It Important?

 

Data protection is the process of ensuring that important data is protected from being corrupted, compromised, or otherwise lost. As the quantity of data generated and stored continues to expand at an unprecedented pace, the need for data security grows. There is also a lack of tolerance for downtime, which can make it impossible to access critical information.

 

In order to keep your data safe, accessible, and uncorrupted, you need a data protection strategy and method in place. It is also referred to as data security in certain circles.

 

The internet has a unique ability to widen opportunities for any age group, even those that are most vulnerable – the seniors. It’s a good idea to teach them how to protect their personal information online before they become a victim of cybercrime.

 

If a company collects, processes and/or maintains personally identifiable information (PII), it is imperative that it should have a data protection plan in place. Data loss, theft, or corruption can be prevented or minimized if a well-executed plan is in place.

 

3 Important Data Protection Principles

 

In order to keep data safe and accessible under any condition, data protection standards are essential. Among other things, it encompasses operational data backup and disaster recovery (BCDR), as well as features of data management and data availability.

 

Here are some of the most important areas of data management for data protection:

 

  • Data availability—protecting data so that it can be accessed and used even if it is corrupted or lost by users.
  • Data lifecycle management—the necessity to automate the transfer of vital data to both offline and online data storage.
  • Information lifecycle management— protection of information assets from multiple causes such as facility failures and interruptions, application faults by users or machines as well as malware or virus assaults is a part of the process of asset appraisal.

 

The Importance Of Protecting Personal Information

 

The level of sensitivity and relevance assigned to data determines how it should be gathered and managed. Personal Health Information (PHI) and Personally Identifiable Information (PII) are the most common examples of data privacy (PII). Financial information, medical data, social security or ID numbers, names, birthdates, and contact information are included in this category.

 

 

Customers, stockholders, and development teams all have sensitive information that firms must protect. When it comes to company operations, growth, and financing, this information will be crucial.

 

Ensuring the confidentiality and integrity of sensitive data is made possible via the use of data privacy. As a result, criminals can’t use data in a way that would harm users and enterprises are better equipped to satisfy their legal obligations.

 

The modern day offers modern ways to earn, but there are also modern problems that can hinder you from earning. Data protection will help you become protected against these online attacks.

 

Data Protection Laws: What Are They?

 

Data protection standards restrict the collection, transmission, and use of certain kinds of data. Personal data covers a wide range of information including their name and picture as well as their email address, bank account information, IP address, and biometric data.

 

Data protection is essential especially when you are doing online marketing like social media outreach efforts and affiliate email marketing to avoid any email phishing and attacks.

 

Countries, states, and sectors all have their own unique sets of data privacy laws. While the European Union (EU) General Data Protection Regulation (GDPR) entered into effect in 2018, China’s data privacy legislation went into force on June 1, 2017. According to each rule and regulatory body, non-compliance can result in reputational harm and monetary sanctions.Different websites follow different data protection laws such as Unscramblex that follows California Online Protection Privacy Act and COPPA (Children Online Privacy Protection Act).

 

 

There is no certainty that a single set of rules would ensure compliance with all applicable legislation regarding data protection. In addition, there are countless sections in each legislation that are applied in certain situations, and all rules are susceptible to revision. Compliance is challenging to execute consistently and responsibly at this degree of complexity.

 

Data Privacy Vs Data Protection

 

Despite the fact that both data protection and privacy are crucial, they are not the same thing. Here are their unique characteristics to each other:

 

I. One Focuses On Policy And The Other On Mechanisms.

 

Whereas privacy concerns who has access to personal information (PII), data security concerns how such limits are put in place. Tools and procedures that safeguard data must adhere to a set of rules that are defined by data privacy.

 

There is no guarantee that unauthorized people will not be able to access the data. Similarly, data safeguards can be used to limit access while keeping sensitive information open. Both are required to maintain the security of data.

II. Privacy Is A Choice That Individuals Make; Corporations Make Sure It Is Protected.

 

The person in charge of either privacy or protection is a crucial difference to make. Users can typically select how much and with whom their personal information is shared. It is the responsibility of the organizations that handle the data to keep it confidential. This distinction is reflected in compliance requirements which are designed to guarantee that users’ privacy wishes are implemented by businesses.

 

For example, KURU footwear values their customers’ privacy data. Their cookies were built to not identify their website visitors so customers are at ease from any data privacy violation from their official website.

 

11 Effective Ways To Protect User Data

 

There are a wide variety of storage and administration solutions available for safeguarding your data. In order to protect your data and prevent hacking, you need proven solutions. In order to keep user data safe, the following methods are often employed:

 

1. Backup Your Data

 

Make frequent copies of your data as a precautionary measure. If at all feasible, keep it away from your primary place of business. You’ll have less to lose in the event of a break-in, fire, or flood.

 

You’ll need to encrypt the backup device if you’re using an external one. If you have the option, keep it in a secure room or cabinet.

 

2. Use Strong Passwords

 

Always use strong passwords on all of your devices, whether they’re for personal or business use, to prevent hackers from gaining access to your data.

 

The first line of defense against unwanted access to your computer and personal information is password protection. The more secure your password is, the less vulnerable your computer will be to hackers and other dangerous malware. All of your digital accounts should have secure passwords.

 

3. Take Extra Caution If You Work Remotely

 

Remote workers like app developers should utilize gadgets that are just as secure as their on-site counterparts if they want to maintain the same level of privacy and security. Here are some of the things you can do:

 

  • Lock your phone when not in use.
  • Protect your account information using strong passwords
  • Update the OS on your device.
  • Use a secure wifi network.
  • Avoid jailbreaking or rooting your phone.
  • Protect your information using encryption.
  • Install antivirus software.

 

4. Suspicious Emails Should Be Avoided

 

Teach yourself and others who work with you how to recognize suspicious emails and how to avoid becoming a victim of them. To prevent getting scammed, look for telltale indications like poor English skills, calls for immediate action, and requests for cash. Don’t put your faith in anything that appears suspect, and tell your employees to do the same.

 

Additionally, when doing email marketing, only acquire B2B email lists that have a high accuracy from trusted B2B data providers to avoid malware and ransomware.

 

5. Install Anti-virus And Malware Protection

 

Maintain it as well. It’s a good idea to consult the National Cyber Security Center for assistance on cyber security. Crypto investors are aware that they are prone to these malware attacks hence they are investing in these data protection services.

 

Here are the anti-virus/malware software you should install to get protected:

 

  • Antivirus Plus
  • Norton 360 With LifeLock
  • Webroot SecureAnywhere for Mac
  • McAfee Antivirus Plus
  • Trend Micro Antivirus+ Security
  • Malwarebytes

 

6. Don’t Leave Documents Or Computers Unattended

 

Leave your files or computers unattended and you run the risk of a data breach. There are several places where this can happen, leaving confidential documents from the trunk of a vehicle, home and other unsecured places. When you’re not using your personal information, be sure you’re taking precautions to keep it safe:

 

  • Put them in a secured storage (vault, Google Drive, and etc.).
  • Only trusted individuals know or have access to your files.

 

7. Ensure The Safety Of Your Wireless Network

 

Personal information can be compromised if you connect to the internet over an unsecured connection, such as free public Wi-Fi.

 

A hacker’s ability to place himself between you and the Wi-Fi access point is the greatest danger to free Wi-Fi security. As a result, rather than communicating directly with the hotspot, you’re entrusting the hacker with your personal data.

 

 

8. Lock Your Screen When You Are Away From Your Desk

 

Your employees or co-workers should ensure they lock their screens if they won’t use it. Their desktops are linked to your company’s motherboard. Exposing one personal data will give a chance to expose other’s data as well as they are linked to each other.

 

The simple act of locking your screen when you leave your workstation can help keep your computer safe from unauthorized use.

 

9. Keep An Eye On Who Has Access To Confidential And Important Data

 

It is essential that you limit the number of people that have access to your IT systems and facilities, since this will put your systems at risk. This will be more secure if only a limited number of individuals have access to it.

 

Visitors need to be easily recognized at all times. When feasible, restrict IT access to those who work for you. If someone quits your firm or is away for an extended period of time, you should consider suspending their access to your systems.

 

10. Keep Data Just As Long As You Need It

 

The time and resources you save by being aware of what personal data you have on hand are priceless. It will also assist you with your data protection duties. Don’t hold on to something that you don’t use.

Data to keep:

  • Data being used regularly (To do’s, schedules, etc.)
  • Unconfidential data (memorable pictures, browser’s data, etc.)
  • Important data (Bank statements, receipts, etc.)

Data to delete:

  • Passwords
  • Bank account PIN code

 

11. Eliminate Outdated Computer Hardware And Data In A Safe Procedure

 

Delete all personal data from computers, laptops, cellphones, and other devices before getting rid of them. Consider employing a deletion software or enlisting the help of a professional to clear the data. When you’re ready to get rid of the equipment, you won’t have to worry about someone getting their hands on information they shouldn’t have.

 

3 Best Practices For Protecting Personal Information

 

 

 

It might be difficult, but not impossible, to develop data privacy rules. You can make your policies as effective as possible by following the best practices listed below.

 

a. Organize Your Information

 

It’s important to know what data you’re dealing with, how it’s being managed, and where it’s being held in order to protect its privacy. It’s important that your policies spell out exactly how and when this data is gathered and used. Definitions such as how often data is scanned and how it is categorized once found are just a few examples.

 

It is critical that your privacy rules explicitly state what safeguards are required for each of your data privacy tiers. In order to guarantee that safeguards are implemented appropriately, policies should contain procedures for auditing them.

 

b. Minimize The Gathering Of Information

 

Make certain that your rules only gather data that is absolutely essential. The more you gather, the greater your risk and the greater the strain on your security staff will be. When you reduce the amount of data you gather, you’ll also save money on bandwidth and storage.

 

Using “verify, not store” frameworks is one method to do this. Verifying users using these solutions does not need storing or transferring any personal data from the user to your systems.

 

c. Be Honest With Your Customers

 

Transparency in data usage and storage is likely to be appreciated by many consumers who are aware of privacy issues. The GDPR has made user permission a central part of data usage and collecting in order to better reflect this.

 

Designing privacy issues into your interfaces ensures that users and their permission are taken into account in your procedures. Allow users to get alerts that explain when and why their data is being gathered. Data gathering can be modified or opted out of by the user.

 

Latest Data Security Trends

 

Some of the most significant developments in data protection are found here:

 

A. Data Portability And Data Sovereignty

 

This trending data security measure is to ensure the safety of transferring data from one software to another software. It is important to have these since your data is prone to be corrupted and hacked during the transfer process.

 

For many contemporary IT firms, data portability is a critical consideration. It refers to the capability of transferring data across various software environments. On-premises and public cloud data portability is often defined as the capacity to transfer information across these two environments.

 

It is important to note that data portability has legal ramifications as well, as data held in multiple countries is subject to different laws and rules. This is referred to as data sovereignty.

In the past, data was not portable and transferring big datasets took significant work. During the early days of cloud computing, cloud data migration was also a major challenge. Data transfer is becoming simpler thanks to new technological advancements.

 

Data portability inside clouds is a topic that’s closely connected. It is common for cloud service companies to use proprietary data formats, templates and storage engines. When you can’t easily migrate data from one cloud service provider to another, you have vendor lock in. Increasingly, corporations are searching for standardized methods of storing and managing data, so that it can be transferred across cloud services.

 

B. Mobile Data Protection

 

When it comes to current mobile security, this is a must-have feature.

 

Laptops, cellphones, wearables, tablets, and other portable devices are all considered mobile devices and must be protected from hackers and other threats. Mobile device security includes safeguarding your company network from getting breached by unauthorized users.

 

In order to safeguard mobile devices and data, a wide variety of data security technologies have been developed. These tools recognize dangers, create backups, and prevent threats from reaching the corporate network from the endpoint. Secure mobile access to networks and systems is made possible by the deployment of mobile data security software by IT professionals.

 

Among the most common features of mobile data protection systems are:

 

  • Encouraging safe communication channels.
  • Ensuring that devices are not hacked by performing a thorough identity verification process.
  • Preventing the installation of untrusted third-party applications and visiting potentially dangerous websites.
  • Protecting sensitive data on the device by encrypting it.
  • Performing frequent audits of endpoints in order to identify potential threats and security vulnerabilities.
  • Forewarning against potential risks on the device.
  • Allowing distant devices to safely communicate with the network using secure gateways.

 

C. Ransomware

 

 

As a developing danger in cybersecurity, ransomware has become an important issue for almost every company to address. Malware that encrypts user data and then demands a payment in exchange for its decryption is called ransomware. Before encrypting, new varieties of ransomware communicate the data to attackers, enabling the hackers to threaten to release important information about the business until they get their money.

 

An organization’s best line of protection against ransomware is a current copy of its data, which can be used to recover lost access. Nonetheless, ransomware can propagate throughout a network for a long time before encrypting information. Infected systems, including backups, can now be infected by ransomware. For data security techniques, the loss of encrypted data is “game over” if ransomware spreads to backups.

 

There are a variety of ways to prevent ransomware from propagating to backups, including:

 

  • Keep three copies of your data on two storage devices, one of them off-site, and you’ll have a safe haven for your data.
  • In the worst-case scenario, ransomware can be stopped before it has a chance to encrypt the data on a computer.
  • Immutable storage assures that data cannot be changed when it is saved by storage suppliers.

 

D. Copy Data Management (CDM)

 

To ensure that your data is still accessible even after being hacked, Copy Data Management ensures the backup system of your important files.

 

Many of the datasets that large businesses maintain are duplicates of one another, thus it’s not uncommon for data to be maintained in many places.

 

Duplicate data can lead to a variety of concerns, including increased storage costs, inconsistencies and operational difficulties, as well as security and regulatory compliance issues. Most of the time, the data is not safeguarded uniformly. It is pointless to secure a dataset and make sure it complies with regulations if the data has been replicated elsewhere.

 

Duplicate data is detected and managed by CDM, which compares comparable data and allows administrators to eliminate duplicates that are no longer needed.

 

E. Setup Disaster Recovery As A Service

 

Protecting data also means setting up a Disaster Recovery as a Service (DRaaS).

 

There are managed services available that provide an organization with access to a remote disaster recovery site hosted in the cloud to ensure data recovery.

 

In the past, setting up a secondary data center was exceedingly complicated and expensive, and only relevant to big organizations. Now, however, the process is much simpler and less expensive. Disaster Recovery as a Service (DRaaS) allows any company to duplicate its local systems to the cloud and resume operations in the event of a disaster.

 

Reliability can be improved by using DRaaS services, which make use of public cloud infrastructure to store redundant copies of infrastructure and data across several geographic locations.

 

Conclusion

 

This article discusses the notion of data privacy and protection and the many strategies and tools you may use to secure your data and avert a data disaster.

 

Strong email protection is needed for data security. Using DuoCircle’s email security, you can rest assured that you are protected from any phishing scams, malicious emails and attacks. Full protection against ransomware and malware are provided by DuoCircle.

 

You can rely on us to keep your data safe and secure. Backup and archive your data using DuoCircle so that you can recover it at a moment’s notice.

DuoCircle stores data behind a firewall, allowing you to set geo-restrictions on who can access it and what devices can sync with it. In an on-premises device, DuoCircle provides you the power of cloud-based file sharing while still giving you control over the security of your data. Check what protection measures we can provide for you.

 

Author Bio

Burkhard Berger is the founder of Novum™. Follow Burkhard on his journey from $0 to $100,000 per month. He’s sharing everything he learned in his income reports on Novum™ so you can pick up on his mistakes and wins.

 

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