Leveraging technology to safeguard your business from fraud

In an increasingly digital world, being tech-savvy no longer is a luxury — it’s a necessity.

Fraud comes in many forms, from identity theft and credit card fraud to cyberattacks and social engineering, and criminals constantly are developing new techniques. Fortunately, there are several different kinds of technology that can help you and your employees combat fraud and protect your business’ assets and information.

Technology solutions

Implementing advanced authentication methods such as multi-factor authentication (MFA) is one of the most effective ways to protect your business. MFA requires users to provide two or more verification factors to access a system, adding an extra layer of security that significantly reduces the risk of unauthorized access.

Encryption is another technological tool that can help you protect sensitive data. This method ensures that, even if your data is intercepted, it cannot be read without a decryption key. This is particularly important for financial transactions, customer data and any confidential business information. Many secure payment processing solutions include encryption and tokenization that protects payment information from being accessed by unauthorized parties.

Keeping software up-to-date is another simple yet crucial step in preventing fraud. By ensuring that all systems and applications are current, you minimize the risk of cyberattacks.

Lastly, investing in fraud detection and prevention software can help you monitor transactions and flag unusual activities. By analyzing patterns and behaviors, these tools can identify potential fraud in real-time, allowing you to take immediate action.

Education and training for employees

Technology alone cannot prevent fraud — your employees also play a critical role.

Regular training sessions on identifying phishing attempts, creating strong passwords and recognizing suspicious activities can empower your team to act as the first line of defense. Encourage a culture of vigilance and make sure employees understand the importance of following security protocols. Beyond these simple strategies, there are several other ways to make sure your employees are helping you protect your business from fraud.

One method is to implement strong access controls and limit access to sensitive information based on role and necessity. This can help ensure employees only have access to the data they need to perform their duties, which reduces the risk of internal fraud and limits the damage that can be done if an account is compromised.

Another strategy is to conduct regular audits of your systems and processes. Doing so helps identify vulnerabilities, recognize areas for improvement and detect any ongoing fraudulent activities before they cause significant harm.

Developing and enforcing clear policies regarding data security, internet usage and device management also can minimize your potential for falling victim to fraud. Make sure the importance of the policies are clearly communicated to all employees, so they are aware of any potential ramifications. Clear policies help set expectations and provide guidelines for maintaining a secure environment.

Finally, ensure that all business communications, especially those involving sensitive information, are conducted through secure channels. Using encrypted email services and secure messaging apps can help prevent interception by unauthorized parties.

Partner with Busey for fraud protection solutions

In today’s digital age, being tech-savvy is essential for protecting your business from fraud. By leveraging advanced technologies and implementing robust security measures, you can safeguard your business and your employees.

As a trusted financial partner, Busey is dedicated to helping customers mitigate the risks associated with fraud and financial crime. Our Treasury Management team brings a wealth of expertise and experience to the table, offering tailored solutions designed to enhance an organization’s security. To learn more about the products and services we provide, visit busey.com/treasurymanagement.

• Andy Santangelo is executive vice president and director of treasury management for Busey Bank, a member FDIC.