Tuesday 27 March 2012
Businesses can take a number of steps to ensure they are protected against online fraud, it has been claimed.
According to BMO, fraud is "a direct threat" to the financial well-being of businesses, costing millions to industry every year.
The bank said businesses should be looking to prevent hacking by understanding what types of information need to be kept confidential, limiting access to account data, reducing the amount of customer data needed for storage and advertising security certifications.
In addition they should encrypt laptop and tablet data, record storage and disposal, avoid the use of free email services and regularly check their bank accounts, BMO said.
Cathy Pin, vice-president of commercial banking at BMO, said the online space offers some of the most valuable tools to run a small business.
She noted that entrepreneurs have access to marketing solutions, day-to-day communications with vendors, customer communications and e-commerce.
"Yet the risk of online fraud and breaches of data security is very real," Ms Pin stated.
"Fraud is a direct threat to the success of our business customers."
According to the Cabinet Office, online crime costs the UK economy a combined £27 billion per year.
Posted by Dan Smith