Tips On How Businesses Can Avoid Becoming Victims To Cyber Fraud
According to a fraud lawyer, the most prominent threat that UK businesses are facing is fraud. In fact, it was reported that fraud has cost the UK economy £130 billion each year. Because of the criminal activities of cybercriminals, both businesses and consumers are suffering from the devastating effects of fraud.
During the 1st half of 2019, 1.3 million cases of payment card fraud were reported. According to UK Finance, there was a16% increase over the same period last year. At least one half of UK businesses have become victims to cyber fraud over the past 2 years with 42% believing that cyber crime had the greatest impact on businesses.
Major brands like Capital One have been affected by data breaches in 2019. At least 4.1 billion records were exposed and used to steal information to set up new bank accounts under the victim’s name. Fraud and data breaches have become a common occurrence and businesses have to protect their organization and customers.
Since the cyber landscape is fast changing due to the combination of regulations, complex enterprise infrastructures and sophisticated tools that criminals use, businesses must constantly assess and update their organization’s security systems and processes. They have to invest in the collection of high quality data as basis for their control. They have to detect and defend against modern attacks with increased efficiency.
Businesses will continue to be threatened by fraud in 2020 because fraud provides criminals with high ROI with minimal efforts. Criminals have an arsenal of technology tools and tricks to deceive both businesses and individuals to hand over sensitive information through multiple channels. It is important to secure all these channels because they can be exploited by criminals. As new technologies and standards are introduced, fraud will continue. It is important to have proper controls in place.
If you are charged with fraud, attend the interview with a fraud lawyer who will explain the charges and help you prepare. The interview can be highly intense and upsetting but with legal representation present you will have the best advice and defence. You will have support throughout the entire process to ensure the best possible outcome.