Scammers will try to exploit businesses in Australia regardless of their sizes. Here are some tips to help you recognise scams and offer protection to your business.
1. Identify Common Scam Types
The first step in protection is to understand the common types of scams. This includes;
Phishing Scams: Fraudulent emails or messages which claim to be from genuine institutions to steal personal information.
Invoice Scams: These fake invoices are sent to businesses, mostly from people pretending to be legitimate suppliers.
Business Email Compromise: Scammers pretending to be high-level executives or suppliers to trick employees to transfer money or disclose sensitive information.
2. Verify Communications
Verify any unsolicited communication, especially which involves money or sensitive data. For instance:
Phone Verification: On receiving any suspicious email or invoice, call the company directly using a number from their official website, not from the contact information provided in the suspicious communication.
Two-Factor Authentication: Implement 2FA for sensitive systems and all significant financial procedures to introduce further security.
3. Train and Educate Your Team
The employees are usually your first line of defense against scams. Regular training sessions can:
Increase Awareness: Teach your employees about the newer ways and means by which scams are being committed and how to identify them.
Promote Vigilance: Create an atmosphere of caution whereby employees can report suspicious activities without the fear of being reproached.
4. Establish Robust Security
Invest in high-quality cybersecurity infrastructure.
Networks: With firewalls, antivirus, and regular updates, become protected.
Regular Backups: Ensure all critical data is regularly backed up so that in case of a ransomware attack, damage will be minimal.
Access Controls: Permit access to sensitive data only when required for their job.
5. Stay Up-to-Date and Be Informed
The tactics used for scams change incredibly fast; therefore, being updated is very important.
Subscribe to Alerts: Sign up for Scam Alerts through bodies like the ACCC via Scamwatch.
Industry Networks: Share information and get information related to the latest emerging threats and best methods to avoid them using industry groups and forums.
6. Report Scams
If your business has fallen victim to a scam, then it is vital to take fast action and report such matters to the relevant authorities. If scam incidents happen, one reports them in Australia to:
Scamwatch: ACCC’s Scamwatch publishes opportunities to report scams and provides notice.
Australian Cyber Security Centre (ACSC): ACSC has dedicated resources and reporting tools for cyber-related scams.
7. Conduct Regular Audits
Regular audits of your financial dealings and security systems present you with opportunities for the timely detection of susceptibilities and questionable acts you were unaware of.
In-house Audits: Schedule periodic reviews of your financial documents that can point toward abnormalities.
Third-Party Analysis: Have cybersecurity experts perform audits from the outside and propose ways based on their results.
Want to learn more about our tailored cybersecurity solutions and bookkeeping services we provide here at Glance Consultants? Make sure you get in touch with our team today for a chat.
