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Fraud Prevention

It is important to take necessary steps for fraud prevention. Companies have their reputation and finances at stake which requires strict measures to check online financial frauds.

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Fraud Prevention

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  1. Cyber Security Is Of Paramount Importance For Your Organization

  2. Technological advancements are creating a new growth path and bright opportunities for businesses.  However, this is also leading to new opportunities for fraudsters to commit cybercrime. A cyber fraud attack can lead to major financial losses. When it involves companies, the data breaches can not only cause a huge financial setback, but it can also damage customers’ trust in a company. Professional fraudsters are experts at monetising stolen information by selling it. This creates a massive dentin the businesses’ reputations.

  3. It is important to take necessary steps for fraud prevention. Companies have their reputation and finances at stake which requires strict measures to check online financial frauds. Organizations like FundingShield provide the required expertise and knowhow to check financial fraud. Its API driven services mainly cater to the mortgage industry and offer protection against mortgage and title fraud. FundingShield allows lenders, investors, homebuyers and title companies for this financial risk management and ensures wired funds are going to the intended recipients and transactions are free of impact from cyber fraud, phishing, business email compromise, or title fraud. 

  4. Forms of Cyber-Attack • It can be in the shape of a theft or unauthorized access of gadgets like computers, laptops, tablets, and cell phones. • There can be a sneaky remote attack on the IT systems or home websites of organizations. • It can even extend to attacks on information held in the third-party systems like cloud devices.

  5. Impact of Cyber-Attack • Major and small Financial losses • Expensive rehabilitation and high costs of recovery and replacement • Massive damage to organization’s reputation • Subsequent  damage to other companies your organization is connected to

  6. Different types of Cyber-Attacks • Denial-of-service: The denial-of-service attack implies prevention of the authorized functionality of networks, systems, or applications by exhausting resources. After attacking your system, the hackers seek a ransom or fee to regain access to files. • Malware, worms, and Trojan horses: These crippling viruses are spread by e-mail, instant messaging, malicious websites etc. • Botnets and zombies: It compromises security of computers that are connected to a central “controller.” The computers that are compromised are referred to as “zombies.” Botnets are designed to steal data and day by day they are improvising their encryption capabilities and  becoming more difficult to detect.

  7. Scareware: This refers to a fake security warning that makes the users believe the pop-up warnings about infected  system and tricks them into downloading  the special software to “protect” their system. FundingShield’sexperts give cyber fraud report by exploring social engineering, malware and more and provide tips on how to protect your business against these threats. 

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