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If your business uses Internet banking, make sure you know how to protect it against fraud

by , 25 July 2014
You can't really run your business without Internet banking. Well, you could try, but then you'd have to go down to the bank and make a deposit or post a cheque every time you needed to make a payment.

This is so time consuming your business probably won't survive very long.

But the speed and ease of business Internet banking also opens your business up to Internet fraud. If you want to stay up-to-date with technology you need to know how to protect your company too. So ensure you know how to protect your company from these common online scams...

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Two out of five South African businesses fall victim to fraud every year... Don't become a statistic!
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Here's how to protect your company from two common online scams

 
The Internet is the perfect place for criminals to thrive because you'll never put a face to the crime. They have several methods of committing these Internet crimes and these are two of the most common:
 
1. Phishing and SARS scams
Here you'll get an email from an organisation like SARS. It's say it's paid money into your account and you must submit your banking details to get it. Then the fraudsters transfer money out of your account.
 
How to protect your business:
Tell your staff never to give out your company banking details. If you get an email like this and you're not sure, phone the company directly and ask. SARS will be very quick to tell you that it hasn't given you any money.
 
2. Spoofing 
Here the fraudster pretends to be a real online service provider. They have a website that looks completely legitimate. When you make a purchase, the site captures your banking details and transfers money out of your account.
 
How to protect your business:
Use the latest Internet browsers as these will alert you that the site has unsafe content called 'malware'.
 
Never give out your pins or passwords for your Internet banking profile, especially on a site you don't know well.
 
There are many more online scams you need to be aware of. If you want to know how to protect your business from these, check out the Practical Accountancy Loose Leaf Service. It reveals four other common Internet scams your must protect your business from business fraud. 

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