A staggering 45% of UK firms reported that they only implemented robust security measures in the wake of an increase in fraudulent activities. This reactive approach towards fraud prevention can lead to significant repercussions, both financial and reputational. Let's delve into the implications, and how you can take proactive measures to improve payment security.
The cost of being reactive
- Bigger financial losses: This may be an obvious one, but without safeguards in place you are leaving clients' funds (and yours!) susceptible to fraudsters, phishing attacks and more.
- No insurance coverage: Depending on your coverage and provider, your insurance may not cover loss amounts occurring from fraudulent activities if the business fails to adopt cybersecurity measures.
- Loss in customer trust and reputation: Losing customer trust and damaging your reputation can have longer lasting effects on your business.
- Lost time in damage control: Dealing with an attack after it occurs takes time away from other important tasks.
- Legal implications: In some cases, firms may face legal action if they fail to protect their customers' personal and financial information. This can lead to hefty fines and legal fees.
Proactive fraud prevention steps
Company wide actions:
- Do an audit: Take a deep dive into your company's current security measures and identify vulnerabilities. Consider hiring external auditors, as they can provide unbiased assessments.
- Educate employees: Human error is one of the biggest causes of data breaches. Make sure your staff are aware of best practices to protect their devices and sensitive information.
- Implement multi-factor authentication: This adds an extra layer of security in case passwords are compromised.
- Consider insurance coverage: Be sure to review your insurance policies and see if you are covered for loss amounts resulting from cyber attacks. If not, consider adding this coverage.
Payment processing related activities:
- ISO compliant software: Make sure your payment processing software is up to date and compliant with industry standards. Telleroo is ISO certified, and focuses heavily on payment security measures.
- Payment Validation Checks: With the Telleroo Trust Check, you have automatic validation of payee details to their account, resulting in Full, Partial or No Matches. Plus, flagging for new and updated payee details. This feature helps to safeguard against payment errors and fraudulent activities.
- 2-factor Authentication: Telleroo's payment system has two factor authentication to protect against unauthorised access, requiring the use of an authenticator app before they can access the system. This ensures only authorised personnel can make payments.
- Distinct user roles: With Telleroo, you can set up distinct user roles and permissions to ensure that only the right individuals have access to sensitive payment information. This reduces the risk of internal data breaches, restricting who can create and send pay runs.
For a complete guide to payment security, click here.
In summary, ensuring strong payment security is of utmost importance in the current digital era, where cyber threats are ever-present. By adopting stringent security measures, businesses can significantly minimise their exposure to potential cyber risks.
Utilising a trusted and secure payment platform like Telleroo not only simplifies the payment process but also ensures the highest level of security, providing businesses with peace of mind.
Check out how Telleroo de-risks payments here.
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