It’s no longer news that we have major fraud and cybercrime activities going on in the country stemming from the alarming rate of unemployment amongst young people.
Statistics recently released last month by the Federal Government estimates that over 133 million (63%) Nigerians are living in poverty. This essentially means that this fraud epidemic might not be going away anytime soon.
Also, according to the Association of Certified Fraud Examiners (ACFE), it is estimated that fraud costs businesses with under 100 employees about 69 million Naira annually and more fraud occurs in small businesses than in larger corporations or non-business individuals.
So sis, with all this information, it’s only right that you’re aware of how you can protect your business in order not to become a victim of scam/ fraud
Here are some tips to protect your business from some common forms of fraud and cybercrime.
Protect your debit cards and bank accounts.
Since this is a common area for fraud, it’s a no brainer I’m starting off with this.
Right now, start by separating your personal banking and debit cards away from your business accounts – this will ensure that fraudsters don’t get access to all your money.
Separating your accounts would also make it easier for you to keep track of your business spending and submit tax deductions.
You also need to be very smart about using your card and ensure that you check your online banking daily for any suspicious activities
Secure your IT infrastructure
Is your business digital? Do you work with a laptop, own a website? Then you should invest in software to identify spyware, malware, and anti-virus threats in addition to a firewall.
Backing-up is also essential, as it will make it much easier for you to carry on operating in the event of a cyberattack.
Have a password policy
Another great step to protecting your IT system is by creating a password policy whereby;
- You make sure you change them regularly (every 60 to 90 days is good rule)
- You set rules that ensure passwords are complex (i.e. contain one upper case letter, one number and must be a minimum of eight characters)
- You use different passwords for different online and system accounts
Consider running background checks
Making the appropriate hiring decisions is one of the first steps to preventing fraudulent employee behavior. So if your business employs staff, it’s advisable to run checks especially for those employees who will be handling cash, high-value merchandise, or have access to sensitive customer or financial data.
Insure your business
Sometimes, being careful might not be enough as fraud and cybercrime does happen. The best way to ensure that you’re insulated if the worst ever happens is by insuring your business.
Mitigating risk should be a priority, and so far, only insurance guarantees that. Also try to find out what your bank is willing to do to help you out if your debit card or business account is compromised.