11 Aug Why Your Company Needs to Get to Grips with Email Fraud
In the day to day running of your business, one thing you’re unlikely to give much thought to is email fraud. It’s something you most commonly associate with larger businesses. Surely nobody is likely to be targeting your small local business right?
Unfortunately, there are many fraudsters out there who specifically target smaller businesses. Why? Because they see them as an easy target with fewer security measures than the larger, more established businesses.
What is email fraud?
Email fraud is one of the most common types of online fraud and it affects both businesses and consumers. The reason it’s so common is because it’s inexpensive for fraudsters to set up and operate and it’s very difficult to trace back.
There are different types of email fraud including:
- Phishing scams
- Nigerian bank scams
- Virus and malware
The ones businesses most need to watch out for are phishing and virus/malware emails. There’s a great in-depth guide to the different types of email fraud to look out for here.
Why should you be concerned?
Email fraud has the potential to cause significant financial damage to both you and your customers. In some cases, your email account could end up compromised and all of your customer data could be stolen.
Email scams have become extremely clever over recent years. HMRC has even issued a warning to business owners regarding emails which look like they come from the government. They often promise tax refunds and encourage the account holder to click on a link to fill in their details. Once they receive all of your details, they use them to wipe out your bank account and in many cases commit identity fraud.
If your business is hit by email fraud, it doesn’t just impact you directly. It also seriously damages your reputation, causing customers to lose trust when it comes to buying from you. If customer data ends up getting stolen, you could also face expensive court fees and settlements which could bankrupt your business.
So, as you can see, getting to grips with email fraud is essential in today’s digital world. Making sure you have the latest security software and never clicking on links contained within emails unless you know for certain they are from official companies is the best way to avoid falling victim to these scams.
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