Identity theft for individuals is no longer a huge cause of concern as businesses and corporations across the globe, including the United Arab Emirates, have been the ones that are targeted. For the past ten years, employee frauds and data breaches have become more frequent due to lax prevention measures for identity theft. According to studies, account takeover is the most common method used for identity theft.
The smartest question for us to ask her would be what can businesses do in order to prevent and manage risks of identity theft? Take note: existing employees hold valuable assets of businesses – administrative or financial – which can be easily exploited by online identity thieves for their own personal benefit. This eventually leads to significant losses for a business.
Ensure the Security of Files
Keep the documents and records of your business in a very secure location. This can be in a safe or secure mailbox. The same goes for duplicate documents. There is a need to shred the documents like credit card offers as well as other unnecessary legal paperwork which can give fraudsters access to the business.
Fraudsters should not be allowed in opening credit lines using the name of your business. For the sensitive files that you have on computers or online, you should install anti-malware, anti-virus technology and firewalls. Check the internet service provider of your business and ask them for ways to protect your data. This can be third party security service providers. Also, ask your vendors the ways they utilize in protecting consumer data that are given to them.
Restrict Employee Access
Set internal controls that can restrict employee access to certain documents like accounting files and customer lists. Require your employees to have passwords in getting too sensitive data when they need it. You need to have a protocol for employees to follow when there’s a breach of data. This can include giving someone the task in managing breaches and outlining specific actions that are to be taken.
Retail business owners need to review security footage in case there are suspicious activities like taking the credit card of a customer away in order to run a different transaction. There is also the need to check ATM kiosks and credit card terminals for skimming equipment.
Check Accounts Often
Stopping fraud before the tragic event occurs is the easiest possible way in preventing identity theft for businesses. This can be done by monitoring bank and credit accounts regularly and checking major credit bureaus. Monitoring services often provide email alert notifications which will alert you if there is a new activity that occurs on your credit files. There are debit and credit cards for businesses that have zero liability when it comes to unauthorized transactions and multiple layers of protection and security.
Only Hire Reputable PRO Service Providers
In the lifespan of a business, especially in Dubai, it’s inevitable to acquire PRO services in UAE, especially for document clearing, business incorporation, salary amendments, and visa and Emirates ID processing. Make sure that you only hire a reputable PRO service provider in UAE not will not only ensure one hundred success on tasks and projects but also provide security for any information that may be disclosed. Review contracts and make sure they include clauses that provide your business with protection should any sensitive information get released to the general public when it shouldn’t.
Bonus tip: secure company devices. This including employee devices. Workers likely bring their devices to work such as computers and mobile phones. This can pose problems for your business in relation to identity theft. Devices should be protected with strong passwords in case they are stolen or lost and someone tries in accessing sensitive information of the company. PayPal and other systems for mobile payment allow card readers in being connected to tablets or smartphones. Business owners can give themselves sufficient protection with the use of a system for mobile payments that has strong encryption methods. The system must require high levels of authentication. Every single employee that uses the tablet or device that has the system on it must have a unique password so no one else has access to sensitive information but his or her own.
If you think that your business in the UAE is prone to business identity theft or you have already experienced such, we suggest you contact the low law enforcement. You should also contact the bank and credit providers of your business in order to report potential theft. If you report it the soonest as possible, you’ll be able to limit the damage. Still, it is best to be proactive in ensuring your business is safe from identity theft.
To know more about identity theft protection methods and PRO services in UAE, contact the experts here in Payroll Middle East!