Electronic fraud by third parties can be very costly to businesses, so take them seriously, by sending fake emails and using fake Web sites to deliver malicious software, such as keystroke loggers, fraudsters may be able to obtain the IDs and passwords for online bank accounts and then make withdrawals from accounts.
Businesses are generally not covered against unauthorized electronic fund transfers, a bank likely will not be responsible for reimbursing losses associated with the theft from the account if it says that negligence on the part of the business, such as falling for a common scam, was a factor, hence it is imperative to adopt a couple of tips to forestall this.
Equip your computers with up-to-date anti-virus software and firewalls to block unwanted access. Make backup copies of critical business data on every computer.
Also monitor account balances regularly, perhaps daily, to look for suspicious or unauthorized activity.
Don’t click on links in or attachments to an unsolicited email that asks for confidential information, even if it appears to be from a company you do business with or the government. Legitimate organizations won’t request that kind of information in an email.
When in doubt, go to another source to find the organization’s contact information so you can independently confirm the validity of the request.
Be on guard against inside jobs. This includes employee theft or misuse of cash, merchandise or equipment as well as fraud. Minimize risk through steps such as pre-employment background checks, automated inventory tracking systems, audits, and clearly outlined policies for personal use of computers and other business equipment. Also, carefully select who handles revenue from customers, pays the bills and reviews account statements. And, ensure that there are procedures in place to detect and deter fraud.
Watch out for fraudulent transactions and bills. Scams can range from consumer payments with a worthless check or a fake credit or debit card to fraudulent returns of merchandise. Be sure you have insurance to protect against risk.