Why Is Business Fraud Rising and What Can You Do to Prevent It?

Business fraud is on the rise mostly because an increasing number of people are starting to use the internet. Where the number of users increases on any system, so do the chances of private data being released and shared. This is the simple answer to the title of this article and the basis to why business has been on the rise in almost every country in the world. By reading this article, you will learn how to prevent your business from becoming a target.

What is business fraud?

Business fraud is also referred to as corporate fraud amongst other names tagged to it. It can be any fraud be it online or offline that illegally extorts money or information from a business. This could be a computer hack, photocopying and selling private files, industrial espionage, and so on.

Where do most business frauds occur today?

The USA has some of the highest business fraud stats but that’s because the country has a system that records these stats. There are likely plenty of developing nations out there that have much higher fraud stats, but the governments cannot track it down. Asia is arguably above the USA, but the stats are not readily available.

How do most business frauds occur today?

The majority of business fraud occurs online via the internet. Going back to the introduction where we mentioned the rise in the number of people using the internet, with that rise has come both gangs and individuals that specialize in online fraud.

Why is fraud increasing online?

Once again, the rise in population means that more people are using the internet. You also have to consider that the internet was only really prevalent in the 1990s. Those born in the 1960s, 1970s, and 1980s know what it is to live life without the internet.

While anyone born after this time has pretty much grown up to rely on the internet. As the younger generation increases so do the number of people accessing the internet.

This means more people online which invariably means more targets for criminals online to defraud. With more people to target, it makes online crime more profitable and easier for those that take up a life of crime using the internet as their tool to commit these crimes.

Even with all the software out there designed to protect us, online criminals are still able to make a profit with some gangs estimated to be earning tens of millions of US$ per year.

How can you prevent your business becoming a target?

Your business will always be a target for online criminals. It is how you deter them is what counts. Buying the right IT equipment and software is paramount, and then training your employees to understand the importance of security such as changing passwords, not sending emails with usernames and passwords, not ignoring error code like the dazncodice di errore 65_075_403 code on Dazn, and making sure employees use VPN software while they are not in the office.