With the advent of technology, there are many personal as well as private, commercial information that has been hacked for fraud. Personal information is one of the hardest hit, with many losing their private banking information as well as virtual copies of online identifications.
This huge problem must be handled by e-commerce websites, financial and other industries with sensitive information. For new-age business owners, ensuring that they invest in secure payment services with secure websites is the key to promising safety to online shoppers.
Financial institutions
The Association of Certified Fraud Examiners has studied and released their results stating five percent of all losses to a company are due to fraud. Therefore, it comes as no surprise that one of the leading industries to be hard hit by fraud is the banking industry and financial institutions.
The banking and the financial industry has been the hardest hit with fraud, with almost 17% losses reported due to it. Cash larcenies have always been a problem without technological advances, and now, sophisticated check tampering/forging allowed by the computerization, kiting and billing schemes, phishing, and identity theft are very prevalent.
The manufacturing industries
Another sector that has been hit hard by regular fraudsters is the manufacturing industry. What is the manufacturing industry? It includes a wide variety of industries and can deal with physical materials or goods, intellectual property online, billing fraud, and expense reimbursement frauds. Most of these types of fraud can be avoided by having secure payment services, good firewalls and anti-virus protection for the networks, secure webpages, and websites to visit for customers and employees alike.
Intellectual property fraud is oftentimes more prevalent than thought to be. Intellectual property can be protected by patents issued by the government bodies, trademarks for brands, copywriters for written or artistic endeavors, and lastly trade secrets that may be in form formulas, recipes, patterns or devices and so forth. As everything can be accessed virtually, it is easier to lose sensitive information for organizations and companies.
Commercial institutions
Whether it is an e-commerce website or a physical store with an online database and payment systems, it is possible to hack all points of sale for experienced fraudsters and hackers. This can be eliminated to a degree by ensuring that businesses are safe and protected from regular viruses and malware that can copy sensitive information of customers.
Digital security is extremely important for any business. Many times, customers using bad Wi-Fi signal can have their data stolen over the network, despite the sites using secure payment methods. As many sites, saves cookies, hackers only have to access their past history to be able to track their financial information and personal identity verifications.
Digital security is still being navigated warily by most organizations and authoritative bodies, despite having stringent measures in place. All institutions, especially the ones handling financial records and transactions work hard, using secure payment services, with the best available resources to ensure that customers have access to the best security measures for their data protection.
