As hackers get more sophisticated, protecting your business data is essential to your company. We hear of hacks of significant companies and never believe it will happen to us, but the reality is that it does.

The usual scams that most people see are your social media being hacked. But, the reality is that the scammers get smarter every day and find new ways to hack the system. We allow this by giving apps permissions that we are unaware of. Changing passwords regularly can help this.

Many companies are also aware of the email, invoices, and changing of banking details to send to their client base. If your emails get intercepted, it is easy to copy the company logo on the top of an invoice and send the deposits to a different bank account.

It is wise to double-check the details before making large payments. The other smart move is to call the company if you receive an email with a change of banking details and not email them back.

Consumers and companies alike get scammed out of their hard-earned money. It is essential to ensure that your finance team is aware of the complex schemes. For consumers, it is not so easy. They target older and less tech-savvy people. The use of 2-factor authentication is also not scam-proof. The con artists will call you and get you to give them your authentication codes as they pretend to be your banker, your cell phone provider, and more. A quick option is to ask for a number and call them back. Calling your bank to check the number’s validity is crucial when dealing with banking calls. Most of them have a list of the scammer’s numbers and can confirm this when you call them. 

Digital and Social platforms

Websites and social media can get hacked too. You must be adequately secured if you manage your business online or have an eCommerce facility on your website.

Twitter, Facebook, and other online platforms are increasing in fake accounts. Even using Facebook Marketplace means you need to be a detective, checking out profiles to weed out the scammers from actual buyers.

The social platforms offer some advice in dealing with online purchases, and consumers are getting better at ensuring a safe experience.

E-commerce websites are always at risk. Although it is convenient for regular customers to have their bank cards saved on your profile, it will be a disaster if you experience a breach and have your client’s info stolen. A safe payment gateway is one way to keep your customer’s banking and payment details secure. 

Coming clean and being transparent

If you do experience a hack, you must inform everyone concerned immediately. It is far better to be transparent than try to hide it from your customers or network. If you experience a breach, the likelihood that your customers are in jeopardy too, and you want to warn them ahead of time to be aware of what can come their way.

We must fight the scammers together and not be scared to tell everyone to be aware.

Bizcash is an alternative fintech funding company that works alongside South African SMMEs to grow their business. Our online platform allows you to transact with us safely and confidently. Please speak to our team today to see how we can benefit your business.

Get in touch with us on 0861 93 93 93 or email us on info@bizcashscf.co.za or contact us here.

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