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Weather has finally arrived; soon it will be summer. Most Business Owners let
down their guard, let go on Vacations and have Fun. Coincidentally, it's
also a time that Online Scammers and Hackers get active and keep their
eyes looking for Accounts to hack and tamper the unfortunate company Account
Our Discussion today focuses on an area that is passionate to my heart. As a
matter of fact, I look forward to a day, that every company will be devoid of
fraud. Technology has given fraudsters an edge in recent years, and we see a
lot of fraudulent activities and online attacks on most Business Account. There are majority of fraudsters out there that are using the basic scams to
de-fraud merchants, because there are too many Businesses that are not doing
anything to stop them.
The Purpose of this Write-up is to provide information on the various types of
Account Frauds that exist and how to prevent these online fraudulent attacks on
your Business. The Online Frauds are as follows:
1) Morphing Fraud (Repeat Offenders): This is common in
online customer sales businesses. The Fraudster hits a Single Merchant,
multiple times using slightly different data points each time; A Multiple
Purchase is made from your Business site within a short time frame with a
number of different credit cards. In this Case, All of the Goods will be going
to the same location, but all of the other data may change between purchases.
2) Skimming:This is where
the Debit/Credit Card Numbers are being accessed in common places like
Restaurants, Bars, Hotels, ATMs and Airports. The Fraudsters place fake devices
in these locations or sites, where an accomplice or entire staff unknowingly
swipes each credit card that is entered. Afterwards, these Numbers are
collected and sold.
3) Debit Card Fraud: This occurs when a criminal gains access to your
debit card number, to make unauthorized purchases and/or withdraws from your
Account. When your Debit Card is used fraudulently, the money is missing from
your account instantly. Recently, We had a case of client, whose Company
Account was continuously charged an unauthorized amount for 6 months, and the
Client innocently thought the charges were for services, he had signed up for,
until his account was reviewed and he found out that they were fraudulent
4) Identity Fraud: A Case of Identity Theft is being reported every
19 Seconds since the Year 2001; It occurs when someone's personal
information is stolen and a credit card account is opened in the victim's name,
without their permission , and charges are made to these account. It is worthy
to note that identity fraud does not necessarily occur, when a credit card is
Having looked at the most common types of Online Fraud, We have listed below
the steps to prevent your account from being attacked.
Avoiding Online Fraud:
a Habit of Reviewing your Statements: Every Business Owner should
regularly check their Bank Statements, Credit Card/PayPal Statements, and
keep a lookout for any strange activity. If anything seems out of place,
contact customer service immediately and ensure that nothing is wrong.
This is how we saved a Client thousands of dollars, which hitherto had
been deducted continuously for 6 months from his Business Account.
a Good Bookkeeping System: When we maintain a good Bookkeeping Record, We are
able to quickly detect any fraudulent and suspicious activities, and get
them resolved immediately. This also helps us to save on unauthorized
expenditures, as well as increasing revenue on the bottom line.
Separate Email Accounts: This is an important email security tip that seems
like a hassle but can prove worthwhile in the long run. It is advisable to
have more than one Business Email Account, through which you can log on to
your financial information. For many of us, Our Businesses are the gateway
to other online accounts. If a company is hacked and someone gains access
to your inbox, they are one step closer to everything else.
Multiple Payment Methods: It is better to split your funds between multiple
sources; this can help protect you against losing everything at once. For
instance, if you purchase eBay Goods with PayPal and EBay is hacked, only
your PayPal Account is at risk. This is not necessarily a catch-all solution, since if you have one credit card, you don't really have a choice but to use that particular card. But, it's a general rule to diversify whenever possible.
- Don't Save
Personal Information: It is best to avoid storing your personal details,
like card Numbers on Bill Payment Services. Everyone believes that it's a
stress to put it in the information, every time you want to make a
payment, but it's also safer.
your Computers: Use Firewalls, Anti-virus and Anti-Spyware Software
on your computers and keep them updated regularly.
- Beware of
Unsecured WI-Fi Hot Spots: As Individuals and Business Owners, We should be
discreet about opening our Bank and other secure information websites in
public places. The connections used in these places are mostly
It's fine to check weather, social media but not Bank Accounts and statements
in public places, not even when we are using our Hot Spots.
- Use a
Strong Password: This will prevent hackers from right-guessing your
password. It is an obvious fact, that Humans get password-lazy, so they
re-use their password and use them for multiple accounts. Don't Re-Use
your passwords. Most importantly, Passwords are your first line of
defense. It is a strong way to protect yourself.
Finally, it is
worthy to note that the most effective way to prevent fraud is to be proactive
in the design of your strategy. It is really scary to consider the
What Strategy have you put in Place to prevent your Personal and Business
Account from being attacked? Think about this and Act Immediately. If you need
help with setting up a Fraud Resistance Accounting and Bookkeeping Strategy, we
are just a Call away. We would love to hear from you.