Top tips for preventing digital fraud

Digital fraud has become a pressing concern for businesses across the country as the reliance on technology and online services continues to grow.

Digital fraud encompasses any form of fraudulent activity that takes place in the digital realm. This can include anything from phishing scams, identity theft, business email compromise and more.

The increasing number of cyber-related fraud incidents impacts individuals, businesses and organisations of all sizes, posing significant risks to personal privacy and financial security.

The UK Government and law enforcement are taking steps to combat this pervasive issue through implementing cybersecurity measures, public awareness campaigns and legislative actions.

However, cybercriminals are constantly adapting and developing new methods, so it remains crucial for businesses to stay vigilant and proactive in protecting themselves and their assets from the threat of digital fraud.

Here are some top tips for preventing digital fraud to help you enhance your cyber security.

Be cautious of unsolicited emails and messages

Phishing scams are a common form of digital fraud, where criminals use deceptive emails, text or social media messages to trick you into providing sensitive information.

Always be cautious when receiving unsolicited emails, especially if they contain links or request personal information. Verify the sender’s identity and never click on suspicious links or download unexpected attachments.

It is important to be aware of poorly written emails which include spelling and grammatical errors and any emails that create a sense of urgency.

Use strong and unique passwords

One of the easiest ways to secure your online accounts is to use unique and strong passwords for each platform. Avoid using easy-to-guess passwords or using the same password across multiple accounts.

Using a mix of capital letters, numbers and special characters is recommended when creating passwords.

Enable two-factor authentication

Two-factor authentication (2FA) adds an extra layer of security to your accounts by requiring a second form of identification. This usually is a code sent to your mobile phone, in addition to using your password.

It is advised to use 2FA whenever possible to protect your accounts from unauthorised access.

Update your devices and software

Cybercriminals often exploit vulnerabilities in outdated software and operating systems to gain access to your sensitive information.

Keep your devices and applications up to date, to ensure you have the latest security features installed.

Monitor your financial accounts

Regularly review your bank and credit card statements to detect any unauthorised payments or suspicious activity. If you spot any discrepancies, immediately report them to your financial institution.   

Accountants play a significant role in detecting fraud through the services they offer to businesses, including bookkeeping, audits and accounts preparation. They are trained to recognise fraudulent activity and are well-versed in identifying red flags associated with fraud.

To prevent digital fraud, it is crucial to remain alert and take proactive measures. Keeping oneself informed and safeguarding personal information can assist in protecting both individuals and businesses from digital fraud.

Need help in preventing fraudulent attacks on your business through careful monitoring and guidance? Get in touch today.