Our Top 5 Tips to protect your business from Scams

In Australia, businesses are increasingly at risk of falling victim to scams. As fraudsters become more sophisticated and challenging to identify, business owners and employees must be aware of how to protect themselves. Here are several steps businesses can take to protect themselves from scammers.

  1. Be alert and vigilant. Be aware of new and changing threats and watch out for suspicious emails, phone calls and any other forms of communication that could be an attempt to gain access to your business’s information. Be sure to educate yourself and your staff on the methods of communication that scammers use to target businesses.
  2. Make sure your business has adequate cybersecurity measures in place to prevent hackers from gaining access to your systems or confidential data. Review any externally hosted services you use, such as cloud storage or external websites, to make sure such services are secure and don’t present an easy target for scammers. Additionally, consider investing in fraud detection software or services to help identify any malicious activity or attempted breaches of your data.
  3. Have clear policies in place as to how external vendors and suppliers are paid, who authorises payments and what methods of payments should be used. Make sure any payments are made only after sufficient scrutiny and confirmation (e.g. a phone call) to prevent fraudulent attempts to steal funds.
  4. Be aware that even after putting the safeguards mentioned above in place, accidents happen, and you should be prepared in case a scam manages to infiltrate the business. Have a clear plan on how to respond to fraud and how to report it, as well as determine who should be kept informed in the event of a loss occurring. Be sure to use anti-virus and anti-malware software to protect against any possible malicious software that may have been introduced.
  5. Don’t cut corners when it comes to cyber security. Ensure your staff are regularly and adequately trained to be familiar with the latest threats and techniques scammers use. Updating your security systems and procedures can help mitigate and prevent potential scams.

By following these steps, you can ensure your business is doing everything possible to protect itself from scammers. Remember, staying alert and constantly assessing and improving your security measures can go a long way in protecting your business from fraudsters.

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