What Steps Should Organizations Take Against Scams?| APAC CIO Outlook
APAC CIO Outlook Scams is about what steps should organizations take against scams? Read this post about the types of scams that happens and what steps should organizations take against scams.
Every business is vulnerable to scams and scammers. Cybercriminals adapt their methods as fast as cybersecurity companies create new products and services. Fraud is a significant way in which businesses lose money. The media is filled with stories about fraud against individuals, but businesses are just as likely to be fraud victims. These frauds can take several forms.
Bankruptcy Fraud
This scam includes hiding or undervaluing assets, giving information 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 the 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 method includes returning 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, usually electronic but not exclusive. This can comprise tax information and credit card fraud. Workers can swipe credit cards or other private information when serving a customer. The theft of identity information is a planned use of another person’s personal and confidential information to attain financial benefits.
Almost all businesses can eventually target for fraud. Fortunately, awareness goes a much more significant way in helping the companies pick up on scams and fraud’s potential characteristics and understand better how to fight back.
