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Scam-proofing a business
13 Apr 2023

Business leaders are undoubtedly aware of the several threats to their respective organisations, especially scams and fraud. Scammers constantly research many organisations to identify how to take a fraudulent advantage in one tactic or another. More importantly, the more they research, the harder it becomes to identify and combat their tactics.

Including cybersecurity as a core part of an overall business strategy is imperative. Here are some tips that can support cyber-security strategies.

1) Launch an internal scams-awareness campaign

Your company depends on every individual employee. Ultimately, each employee must align to every element of your strategy. That means making every employee aware of the potential scams is critical.

Launching an internal awareness campaign could help highlight the several types of scams your employees can receive, how they should act when they identify scams, and what they should do if they receive a suspicious email. Ensure your employees know scammers' trending tactics and encourage them to be as sceptical and suspicious as necessary.

2) Use strong passwords

Your accounts, documents, and online banking platforms hold sensitive information about your company. They need to be well protected, primarily by a strong password.

Your passwords should consist of at least 8 characters and include a mix of small letters, capital letters, numbers, and symbols. Using different passwords for each account, document, or platform is also important. Having one password for all your information only makes it easier for a scammer to hack into your systems.

3) Verify invoices and payments

Scammers may target you by sending fake invoices or pending payment requests as a trick to send them money. Always verify the legitimacy of any documents that you and your employees receive.

Ensure you keep a documented set of supplier relationships, pending payments, and invoices to be received. That way you can track the organisation’s commitments and avoid falling for any unnecessary traps.

4) Update your software

Whether it’s your operating system, payment tools, or antivirus software, always ensure that these are up to date.

Keeping your company software up to date ensures that any security vulnerabilities are patched as soon as possible. Immediately notify all your employees once an update is available so they can do their part in keeping up to date.

It’s important to take numerous measures to scam-proof your business. Make sure to equip your employees, install and upgrade your security framework, and keep up with ongoing industry trends to establish the best cybersecurity practices!

#SpottheScam #FraudPrevention

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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).