Bot attacks, false invoices, money laundering, phishing attempts — these are just a few of the ways a company can experience fraud. And thanks to the digital shift during the pandemic, online scams are only getting worse.

“Every second online merchant has become a victim of some kind of fraud,” says Aleksandr Khelemskiy, product owner of risk management platform Covery. “Many don’t even know it yet, as some schemes take months to be noticed.” 

But don’t stress — we’ve gathered a list of best practices to level up your cybersecurity efforts, and keep your money out of fraudsters’ pockets. 

1. Know your customer

Identity fraud — or where someone creates an identity to defraud a business — has been on the rise since the start of Covid-19. 

A recent study found the cost of fraud soared to $56bn in 2020, with identity theft cases accounting for almost $43bn alone. 

Liudmila Sakovich, one of Covery’s risk…

Read more…