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.
