Data security and fraud prevention are two of the biggest challenges facing small business owners today.
When scammers gain access to sensitive personal information, such as customer data, log-in credentials, and account information, the results can be disastrous.
Scammers can steal your credit card information, PINs, and security codes to make unlawful transactions. A data breach at your small business might also lead to Social Security number theft, identity theft, tax ID theft, data mining, and even loss of control over your accounts.
While some might think large companies are the only ones at risk for a data breach, small businesses are often affected as well. In fact, according to the Association of Certified Fraud Examiners, when it comes to fraud and loss, small businesses lose almost twice as much money per year compared to larger companies.
Data protection is a complicated responsibility for small business owners who often have limited resources to implement fraud prevention controls. However, busy owners do not always need complicated analytics to understand fraud risk factors and to take steps, such as fraud detection, to protect their business.