#cybersecurity | hacker #cyberfraud | #cybercriminals | What Measures Should Organizations Take to Fight Scams?

Cyber attacks are constantly on the rise. Organizations should have tools to identify these scams at an early stage and ban them from happening again.

FREMONT, CA:  Every business is vulnerable to scams and scammers. Cybercriminals adapt their methods as fast as cybersecurity companies create new products and services. The scam is a major way in which businesses lose money. The media is completely filled with stories about fraud against individuals, but businesses are just as likely to be the victim of fraud. These frauds can take several forms.

Bankruptcy Fraud

This kind of scam includes hiding or undervaluing assets, giving information out about the company, or destroying the relevant documents. This fraud happens only when a borrower purposefully hides assets to avoid paying a debt during a bankruptcy proceeding. It also comprises giving false records or information before or during the bankruptcy.

Mail and Wire Scams

Both mail and wire scams are federal offenses. Mail scam happens when a person uses the U.S. Postal Service (USPS), FedEx, United Parcel Service (UPS), or electronic transmissions to create false representations. Electronic communication, such as internet, TV or radio, are used to make false representations. These scams can also take the form of sweepstakes and telemarketing trials.

Customer Fraud

Customers or buyers can deceive a business in several ways, including writing fraud checks, using bad credit cards, and shoplifting. Another way includes the returning of items not purchased to get a refund, rather known as return fraud, or recording a false claim for an accident or injury on the property.

Identity Theft

Identity theft is known as stealing individual or business information, which is usually electronic but not exclusive. This can comprise tax information and credit card fraud. Workers can steal credit card or other private information when serving with a customer. The theft of identity information is a planned use of another person’s personal and private information to attain financial benefits.

Almost all businesses can eventually targets for fraud. Fortunately, awareness goes a much greater way in helping the companies pick up on the potential characteristics of scam and fraud and understand better how to fight back.