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Fraud Protection Tips for Your Business
As individuals should be wary for fraud, business should be doubly so. Businesses are tempting targets for cyber-criminals and fraud for businesses can come from several possible sources such as customers, employees and suppliers. At Umpqua, we are committed to providing the resources you need to understand and recognize fraud, as well as the tools to help prevent it.
The role of exposed data
Data breaches are now commonplace and cyber-criminals have more access to sensitive information than ever before. As a merchant, this could pose risk by accepting payment from a fraudster, but what often poses a greater threat as a business is when you've become the target.
Know that we will never ask you for login credentials and personal information would only be used to verify yourself. Fraudsters may attempt to impersonate Umpqua specifically to learn your personal information used for verification so anytime that you aren't sure who you are communicating with, call us right away at (833) 898-0981.
How can you protect your business against fraud?
Fraudsters can be relentless trying to find a vulnerability. Instead of waiting for fraud to happen, business owners should aim for proactive prevention. Thinking about how your company might fall victim to fraud will help direct how you can stay protected. Locking up your doors may feel like second nature, so what "locks" may help keep your assets and data safe?
Safety often comes at the expense of convenience. Procedures that require two employees to sign off or that require an audited log take more time and resources, but skipping those steps or worse, not having any steps in place creates a vulnerability that is waiting to be exploited.
Even if you take all the right steps there is no guarantee that your business will never experience fraud. However, with proper safeguards in place and good procedures that are always followed, you can eliminate unnecessary risk.
Knowledge is Power
Check out some of the resources below and ask yourself if your business is as safe as it can be.