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Cyberfraud Trends and Solutions for Business Owners in 2020

posted by: Paula Boyden date: Nov 12, 2020 category: All comments: 0

2020 proves that online business can be legitimate sources for daily needs. This is mostly due to the effects of COVID-19 related lockdowns that restrict people’s and products’ mobility.

An increase in online activity for businesses also means that cyberfraud and other cybercrimes will take advantage of your online presence and customers. Fortunately, you have the power to protect your business online through professional fraud intelligence and threat analysis.

This article will orient you on the popular cyberfraud trends in 2020 that may affect your online business operations and your customers’ welfare. We will also discuss the preventive measures and cybersecurity solutions to equip you with the protection you need to offer a secure platform for your business.

Take this article as a valuable opportunity to adapt your business to the new normal and maintain your trustworthy brand in your niche market.

 

Popular Cyberfraud Trends

 You need working knowledge regarding cyberfraud trends to ensure that your business website is fraud-free and safe for customers. Take note of the following widespread cyberfraud trends in 2020:

1. Deepfakes and data leaks

 Cybercriminals use advanced video, photo, and voice-altering technology to impersonate top businesses online, which are called deepfakes. It is an opportunity to gain sensitive customer information and resources through data leaks.

Some crafty cybercriminals can even use your customers’ data to impersonate them and steal their orders and information. This fraud can affect your business’s trustworthiness among customers and your branding image.

2. Fraud as a Service (FaaS)

 Cybercriminals can now sell payment details on the dark web in exchange for money and resources. There are also ways for cybercriminals to hire hackers through FaaS to initiate cyberattacks on targeted businesses. For example, a cybercriminal can employ a team of hackers to use credit card fraud on particular online bank websites to steal money and crucial information.

There are also times that FaaS is a means to fuel more prominent criminal activities, like opportunities to hold big-time companies hostage in exchange for their data. FaaS can affect your online business operations and lead you into bankruptcy.

 

Tips for Businesses Online to Contain Cyberfraud

 Cybercriminals are constantly looking for new ways to attack businesses and customers due to increased online activity. Fortunately, there are services and tools that you can use to safeguard your business. Use the following tips to contain cyberfraud and other related cyber threats:

1. Use a website fraud detector:

Your website may already be vulnerable to fraud attacks. That’s why you should invest in a website fraud detector to identify these threats and access solutions that can get rid of them for the safety and welfare of your employees and customers.

2. Undergo training to bolster your business’s intelligence on fraud and other cyber threats:

You and your employees need to take active steps toward identifying and preventing cybercrime from happening on your website. However, you may not have the expertise to train your business in proper cybersecurity and threat analysis.

 

Cyberfraud can be challenging to detect and identify in your business. And nowadays, there are developing trends due to the rise in online business activity. However, there are solutions that you can use to bolster your business’s cybersecurity and maintain your trustworthiness among your customers and employees. You just need to update what you already know and stay vigilant.

Remember all the formerly mentioned information and find cybersecurity solutions for your business today.

FraudWatch International can provide your business with professional fraud intelligence solutions to protect your customers and online operations. We can also guide you through other cybersecurity and threat analysis services to avoid losing sales and vulnerable information. Partner with us and maintain your business’s good reputation online.

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