PAYMENT TRENDS – From our friends at tsyspaymentperspectives.com

January 15, 2013

How secure is your small business today from fraud, identity theft and cybercrime?

According to the Association of Certified Fraud Examiners (ACFE), companies with less than 100 employees lose approximately $155,000 as a result of fraud each year. A primary source of fraud occurs as a result of minimal security across the business, says Caron Beesley, U.S. Small Business Administration (SBA).

Along with experts from TSYS Merchant Solutions, SBA offers the following tips to fight fraud and cybercrime:

  1. Credit cards and bank accounts are a common area of fraud for everyone from one-person businesses to large size companies. Start by separating personal banking and credit cards from business accounts.
  2. Invest in a firewall as well as anti-virus, malware and spyware detection software. Backing-up is also a must and will make it a lot easier for you to continue working in the event of a cyber attack.
  3. Use a dedicated computer for all your online financial transactions and make sure it’s one that isn’t used for other online activity such as social media, email and web-surfing which can open up the machine to vulnerabilities.
  4. Have a strict password policy. Change them regularly (every 60 to 90 days is good rule).
  5. Employees are your first line of defense. Enforce the training by instituting policies that guide employees on the proper use and handling of customer information.
  6. Fraud and cybercrime does happen; however, a business can cover damages by purchasing an insurance policy that can protect a business. TSYS Merchant Solutions offers tools and support that can help you protect your business from fraud. CCAP  provides businesses with up to $100,000 per merchant identification number, and potentially up to $1,000,000 annually for multi-location businesses to assist with many expenses associated with fraud.

You’ve worked too hard to let fraudsters harm your business and customers!

For more information on how to protect your business, go towww.tsysmerchantsolutions.com.


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