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Part 2: Six solutions to prevent internet payment fraud

by , 13 September 2013
In part 1(http://fspbusiness.co.za/articles/accounting/part-1-six-internet-payment-fraud-schemes-you-need-to-watch-out-for-2826.html) of our two part newsletter series on internet payment fraud, we looked at the six internet payment fraud schemes you need to look out for.
Now let's have a look at the top tips to keep internet payment fraud out of your business...

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Ex-SARS auditor reveals:

Five red-flags SARS looks for when doing a Vat audit

Click here to find out more...

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Six solutions to prevent internet payment fraud


1.    Phishing and SARS refund scams:
Instruct your staff never to navigate to SARS' website or your bank's website through a link received on an email. This could be a phishing scam and a criminal might be trying to get your personal banking information.

2.    Deposit scams:

Ask your bank to set up cheque deposits so money's only available in your business account once the
cheque has cleared.

3.     Spoofing:

Instruct your employees to never click a link to navigate to your company banking website, or to SARS. They must always type the website URL into the browser themselves.

4.    Cellphone SIM card swaps:
If your cell phone stops working, phone your cell phone service provider. They'll tell you if anyone requested a SIM on your SIM card.

Keep reading for two other top tips…

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Don't become SARS' victim by not completing your IT14SD correctly

Click here to see how you can complete yours correctly the first time, every time

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Two more ways to prevent internet payment fraud

5.    Key loggers and Spyware:

Instruct your staff never to open an email attachment if they're not sure of the origin.

6.    Social Engineering:
Instruct your staff to always verify the credentials of a person who is requesting private company
information.

Now you're equipped with the top six tips to keep internet payment fraud out of your business. For the A-Z of preventing internet payment fraud, check out Chapter I03: Internet Payments: Internal in your Practical Accountancy Loose Leaf. Don't have a copy? Click here.


Until next time,
Philip Rosenberg

Product Manager, Practical Accountancy Loose Leaf

PS: Have you  got an internet payment fraud question you need to solve quickly? Why not ask your peers at the Accounting and Tax Club?





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