Security and privacy issues are rising at an incredible pace in today’s digitally-transforming landscape. As consumer journeys grow more complex, they also open numerous doors for potential criminal attacks. According to PWC’s global survey in 2022, 46% of surveyed organizations experienced fraud, corruption, or other issues within the last 24 months.  

When not adequately protected, the crucial communications platform of any business can quickly become the core source of various fraud issues. Not only do fraud disruptions lead to downtime and expenses for business leaders, but they can also damage a brand’s reputation, harm customer loyalty, and make it harder to compete in a cluttered landscape.  

“Various types of fraud have become an increasing issue for businesses that aren’t equipped with the right tools to protect themselves,” says Matt Thompson, VP of Marketing at Soprano Design.

“By investing in fraud prevention, you’re setting yourself and your customers up for a safe and secure experience. Soprano is working diligently to safeguard the communications of businesses around the world.”

The key to overcoming the consistent issue of fraud is implementing the right plan for evaluating and addressing common risks. Here are some tips to get you on the right path.  

Perform Regular Threat Assessments

First, it’s important to note the threat landscape in the communications industry is constantly evolving. The rising demand for UCaaS and multiple new interaction channels presents companies with an ever-increasing selection of unknown risks.  

Today’s businesses need to think not only about toll fraud affecting PBX and VoIP lines but also about other common threats like phishing, ransomware, malware, and more. Additionally, the forms of fraud companies may be exposed to are transforming. For instance, with more employees working in a remote and hybrid environment, there’s a possibility a third party could gain access to a user’s credentials to steal valuable information from a business.  

Regular threat assessments will give business leaders a clear overview of what security risks their communications platform is subject to as it evolves.  

Prioritize Secure Technologies and Vendors

Many businesses are moving through a period of communications transformation today. Since the pandemic, more organizations have begun shifting into the cloud, embracing multiple customer and colleague conversation channels. However, while companies are under a lot of pressure to adapt quickly as the landscape evolves, it’s essential not to compromise on security.  

Working with a vendor committed to delivering exceptional security across every channel is the best way to reduce risk levels. The right vendors should be able to offer evidence of their compliance with specific regulations and standards like ISO 27001.  

Additionally, communications solution providers should invest in advanced security management forms, from AI-powered fraud detection to in-depth reporting.  

Implement the Right Access Controls

The right access control policies and standards in any business can help to reduce the threat of various forms of fraud. For instance, business leaders should frequently change the default passwords for different services and systems, ensuring they’re complex and unique.  

Multi-factor authentication methods should be in place, particularly for remote workers who may lose access to business devices on the move. Plus, employees should be required to update and change any PINs and passwords regularly.  

Working with a communication vendor offering high-level access controls can make it easier for business leaders to ensure the wrong people don’t get access to crucial information, resources, or services. However, these policies may need to be updated regularly to ensure they remain compliant with the latest guidelines and regulations.  

Proactively Educate Customers

Customers are often concerned about the potential impact of fraud on their accounts and the safety of their details. To maintain the trust and loyalty of clients, business leaders need to make sure they take a proactive approach to keeping customers educated.  

Implementing automated chatbots into your communication system with a CPaaS provider can make it easier to immediately send alerts about potential threats to customers, along with advice on how to protect themselves. Companies can also use the same tools to create 2-way messaging environments where consumers can ask questions if they’re concerned about fraud.  

Taking a proactive approach to consistently educating customers is a fantastic way to reduce risk levels and improve the relationships between brands and clients.  

Invest in Employee Training

Many data breaches and security issues are caused by employees, either unwittingly or unknowingly. Training employees can be an excellent way to reduce the risk of threats and help to ensure your business can take action quickly when an example of fraud is detected. Employers can invest in training team members on common security strategies and how to identify issues of fraud.  

In some cases, businesses may find it helpful to maintain a fraud prevention team responsible for tracking fraud issues, dealing with customers who become the victims of fraud, and setting up strategies for future risk reduction.  

Prioritize End-to-end Visibility

Monitoring and tracking communications data is one of the essential steps in actively preventing and responding to instances of fraud. Any communications platform should be embedded with reporting and analytics tools that make it easier to pinpoint unusual behavior or activity. The better the reporting tools, the easier it should be for companies to stop fraudulent individuals in their tracks before problems are allowed to expand.  

Some reporting tools available for communications platforms today can even include advanced tools for pinpointing trends, patterns, and issues. These tools can also be set up with automated notification strategies to inform the right team members immediately when a fraud instance is detected.  

Continuously Innovate

Finally, business leaders must adapt as criminals and fraudsters become more sophisticated in the digital world. In today’s threat landscape, companies must consider the latest, most innovative tools to help protect against fraud. This could include using innovative tools like AI systems capable of authenticating people based on biometric data.  

It could also mean using intelligent tools embedded directly into the communication stack to monitor and manage suspicious behavior proactively. Choosing a flexible and extensible communications platform will make it easier to implement new tools for fraud prevention and cyber security as they continue to emerge.  

 

 



from UC Today https://ift.tt/KpzMqSd