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The Importance of Fraud Prevention Management Solutions

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

The media’s focus on technological advancements is why people rely more on digital platforms and devices. Every innovation of these products’ development makes it easier for consumers and businesses to engage with each other on a higher level. However, this can also be a cause for concern for both parties.

History is proof that fraudulent activities aren’t uncommon, even without today’s fast-paced technological age. Identity thefts, phishing scams, and triangulation fraud were all present, even with simple telephones and fax machines. Now that digital platforms and devices are more advanced, the diverse ways that malicious individuals can perform these attacks will also receive an upgrade.

 

The danger of putting too much trust in technology

Establishments today are in dire need of reinforcing their cybersecurity measures. Since consumers’ have a heavy dependence on technology, they assume that the latest platforms and devices are free from viruses and other threats.

On the contrary, up-and-coming technology is more at risk of having vulnerabilities. This is due to their premature entry into the consumer market. It’s common for these fresh-off-the market products to be more prone to attacks from hackers and malware. For this reason, it’s best to wait for immediate patches on software instead of racing to be the first one to have it.

Business establishments are rapidly changing to embrace digital platforms as a necessity for their business’s operations. Whether you’re running a restaurant or a hospital, you will need to reinforce your digital infrastructure to defend against cyber attacks.

 

The security needs of specific industries

Although different industries use the same digital platforms and software, that doesn’t mean that they’re facing similar security risks. Listed below are five industries and the respective cyber issues they need to be extra careful of.

Marketplaces: The eCommerce industry is recently booming, which is why private customer and business information need protection. Marketplaces need to have extra protection against transaction frauds, abuse of money laundering, and account takeover.

Financial services: Like online marketplaces, financial services deal with sensitive information from their online users’ assets. They must maintain strong authorisation protocols to prevent phishing scams or identity theft.

Social media platforms: Identity theft is a growing concern for people who maintain social media accounts. Duplicate accounts can incriminate actual people to perform heinous acts on the platform under someone else’s name. This is why it’s necessary to have stronger identification systems and reinforce community guidelines against spam and harmful interactions among users.

Travel: Reservations are the core transactions of businesses within the travel sector. Unfortunately, fraudulent reservations can turn into massive losses, especially for small businesses. This is why identity confirmation and authorisation are necessary defences that these establishments should have.

Shipping and delivery: With the arrival of COVID-19, delivery and courier services are the booming industries that need the most protection. Since establishments in this sector are now functionally an essential need, business owners need to protect their customer’s safety by limiting the dissemination of sensitive information to and from their contractors.

 

The technological arms race is always evolving, with people finding more ways to hack into secure networks and software developers, reinforcing their product’s vulnerabilities. Thankfully, you don’t have to remain in the dark for the latest advancements in cybersecurity. Being more aware of your current system’s needs and how to improve it is much easier now more than ever

Even software developers understand the value of reassuring their customer’s cybersecurity. This is why they give important software updates for increased security. Constantly upgrading their product ensures that clients using their services will continue to subscribe to their brand.

Commissioning data security professionals is an excellent way to reinforce your business’s digital infrastructure. FraudWatch International is an Australia-based cybersecurity intelligence company that can give you the protection you need. Contact us today and our cyber intelligence analysts will provide the necessary upgrades against different cyber threats.

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