Online fraud is now the most prevalent crime in England and Wales, affecting both individuals and businesses of £ 10 billion a year. The complexity with which cyber fraud can be carried out.
As Kamil Tomaszewski, dispute resolution solicitor with IMD Solicitors explains, ‘Businesses of all sizes are vulnerable, with common weaknesses in poor security, inadequate antivirus protection, vulnerable wireless networks and staff training. But there are steps that you can take to protect your business.
The consequences of the fraud can be significant. As for your direct financial implications, including your insurance.
Your business will need to allocate resources and concerns of clients. The reputation of your company may be affected by the fraudulent activity.
Three key areas are beware of invoice fraud, phishing and cloning
Invoice fraud. When you are a legitimate supplier. It may appear to come from a genuine email address.
You can also be vulnerable to telephone fraud where staff are tricked into the bank. Employees are then duped into transferring money under false pretences.
With multiple requests for payment coming into a company, it can be very convenient for providing financial information.
Phishing emails are a means of fraudulently attempting to obtain sensitive information as username, passwords and credit card details.
Fraudsters are constantly developing the use of email for criminal activity, including disguising emails. The link brings malware to be downloaded to the recipient’s computer, which can then be used to steal sensitive information.
Another tactic is to divert your traffic from your business. This will have an effect on your business. Clients may also be misled into transferring money or providing sensitive information.
If you do not have a copy of it, you can do it without permission.
The first step is to ensure that you have robust security protections in place. Installing and regularly updating antivirus software and firewalls is crucial, as is your secure network.
Second, implement a robust password policy that requires the creation of an authenticity of invoices.
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It is worth carrying out your weaknesses. May lie. For example, if you have regular reports, please consider this. Is your social media policy a lot of sensitive information? Consider also limiting the number of people who have access to secure files. You should carry out a regular monitoring of the internet to identify potential clones.
If you discover a crime, you should seek legal advice straight away. Acting quickly gives your solicitor the opportunity to trace and recover stolen money.
This may include asking for an injured order. Recently, an important court ruling decided across the world.
Your solicitor can advise you on the job, as well as your reputation.
The best way to protect your organization and prevent online fraud. By considering the risks early and instilling a culture of awareness, you are already one step ahead.
If you would like further advice, please contact Kamil Tomaszewski on 0330 107 0106 or email k.tomaszewski@imd.co.uk. IMD Corporate has offices in London, Manchester and Birmingham.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.
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