Following the release of the annual financial fraud data by Financial Fraud Action UK (FFA UK), SMEInsider spoke to Greg Liset, Head of small business e-commerce at Barclaycard about how SMEs can stay safe when it comes to cybercrime.
“Businesses are making progress in boosting their cybersecurity defences, however, there is still work to be done to ensure small enterprises in particular know how to deal with the threat of cybercrime. Barclaycard research shows that only one in eight (13 per cent) small businesses understand enough about cybercrime to protect themselves, leaving a significant proportion open to the threat of attack. What’s more, according to additional recent research from the Institute of Directors and Barclays, one in three (37 per cent) SMEs don’t have a cyber-strategy in place and two fifths (40 per cent) wouldn’t know who to contact to report online fraud.
“Staying ahead of fraudsters needn’t be an onerous task. SMEs can take small steps, such as keeping an eye out for unusual activity – such as a series of purchases made by the same user in quick succession, or an abnormally high value transaction – to stop fraudulent behaviour in its tracks. SMEs should also work with their payment provider to ensure they keep up to date with the latest security regulations and measures to minimise risk to their business.
“Almost half of all shoppers claim they are more likely to choose one retailer over another if they feel it offers a more secure checkout process, so boosting security measures will not only keep SMEs and consumer safe from attack, but can also help businesses attract new customers as well.”