Fraud in the digital environment: how to protect your business?

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Fraud in the digital environment: how to protect your business?

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The advancement of technology has brought countless commercial and communication possibilities for companies across the globe. However, these facilities benefited not only businesses and consumers, but also the work of digital fraudsters.

Through increasingly sophisticated threats, they usurp the digital landscape to deliver scams and harm the users of the network financially and morally. Some of fraud in the digital environment most frequent are:

  1. phishing;
  2. malware;
  3. data leakage;
  4. self-fraud;
  5. ideological falsehood.

The possibilities for fraud are diverse, but the technology investment it is still one of the most attractive and prosperous paths in the market. If you want to know some reasons for implementing the technology in your company, we recommend reading this material here.

To better understand how these traps work and learn how to protect your business from fraud in the digital environment, keep following this post. We separate all the details to ensure the best use of technology. Good reading!

What is digital fraud?

E-commerce continues to grow, reinforcing a change in consumer social behavior in the country. In other words, the UK residents has prioritized electronic means over physical ones to carry out commercial activities.

Promotions, practicality, ease of searching are some of the reasons that lead the user to opt for digital transactions, the same ones that make millions of data and sensitive information available to the network on a daily basis.

The large volume of financial operations can be an attraction for the occurrence of fraud in the digital environment, since knowledge of computers is sufficient to practice criminal offenses.

Fraud is a crime, with punishment provided for in UK residents penal code, which can cause irreparable damage to the victim, whether financial, psychological, moral or even image. Crime can also be orchestrated on the digital scene.

THE fraud in the digital environment it is one of the biggest cyber problems in the world today, ranging from virus outbreaks to devices of ideological misrepresentation. Later on we will explore the most common digital crimes.

It is not difficult to become a target. According to Serasa Experian Fraud Attempt Indicator, held in 2017, every 16 seconds an attempt is recorded in Brazil.

Therefore, your company won the challenge of protecting the business against such losses and providing a safe experience for your virtual customer.

What impacts can fraud in the digital environment bring to your business?

According to the Experian's Global Fraud and Identity Survey, carried out in 2021, the increase in financial losses and damage to image and reputation are the most aggressive impacts in any digital business.

Through the collection of data and information on the internet, fraudsters create a own fake service system, cloning credit cards, carrying out financial transactions with usernames, seeking lines of credit or equivalents with data from third parties, creating false profiles and registrations with the identity of other people, and so on.

Therefore, it is essential to adopt good practices in the security of data stored on websites, preserving the privacy and security of customers and ensuring the veracity of the financial system adopted on the platform.

In addition to these two major impacts, the company may still be adversely affected by:

  • cancellation of a sale made without acknowledgment of purchase by the cardholder (chargeback);
  • problem identification time (manual process) and correction;
  • time of analysis of a new occurrence;
  • confidence in contracting a digital protection system;
  • wear and tear on the customer relationship.

To implement the most appropriate strategy in the fraud prevention in the digital environment, your company should analyze the mechanisms adopted to manage this commercial front.

How to protect your business against fraud in the digital environment?

First of all, the most important thing is map the pains of your business in the virtual scenario. As each organization has a particular problem, in order for the anti-fraud solution to be efficient, the chosen protection system must be in line with its real needs.

Understand the source of the problem and consider issues such as:

  • automation of payment processes;
  • creation of fraud history in the digital environment with identification of recurrences;
  • monitoring continuous purchases on the same day;
  • system specialized in risk analysis with a focus on prevention;
  • safety certification.

Thus, in view of the various options for softwares and intelligences available on the market, consider these requirements to prevent your company from fraud in the digital environment.

What are the most common types of fraud in the digital environment?

To prevent against fraud attempts in the digital environment, you need to know the most common forms of attacks first. Check out some of them to follow!

1. Phishing

Of all the invasion models that lead to fraud in the digital environment, those associated with social engineering are the most dangerous. This is because the success rate is high and, when successful, it is difficult to identify.

O phishing it is one of those models. It works like a replica of a page, email or official application, and seeks to obtain user credentials.

The best way to prevent this fraud is through guidance. Your team must be reminded about the conscious use of the internet when they are connected to the organizational network. Thus, the invasion becomes less propitious.

two. Malware / Viruses

You malware they are an extension of social engineering. But, instead of looking for access data, these viruses trick the user into installing malicious code inside the system. Thus, the user gives permission for him to modify data and settings.

Many of them come in downloads or email attachments, so monitor these activities, limit credentials for installing new software, and guide team are essential preventive steps.

3. Data leakage

O data leaks is a fraud in the digital environment that happens when there is a vulnerability in the host website or application. This crime works like a systematic theft, in which confidential data is made publicly available.

Or they may still not be published and used in a restricted way for more complex attacks. To protect yourself, you need to invest in more robust servers, with more resources available for protect the system.

4. Self-fraud

This is a fraud in the digital environment that requires a lot of patience. A person in bad faith pretends to be a victim of fraud in order to obtain an exemption from the payment of any purchase made by credit card.

To prevent these scams, the company must save all purchase transaction receipts, having the receipt as the weight of the package sent, asking for a confirmation of receipt, and so on.

5. Ideological falsehood

Another fraud in the digital environment that happens is the ideological falsehood. A criminal impersonates another person to achieve some significant facility as a criminal. loan with immediate release.

To avoid this type of scam, seek the help of technology. The original public documents are created with standardized combinations of numbers and graphic elements, several digital resources are already able to verify if the combination is true.

Did you see? THE fraud in the digital environment it is a serious concern, but one that can be avoided. By employing a good protection system and guiding your workforce, your business can be protected in the digital landscape and prosper safely.

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