If you use the Internet to make payments, this tip will protect your business from fraud

Simangele Mzizi, Fsp Business, 08 Dec. 2014

Tags: internet payment fraud, payment fraud, preventing payment fraud

Using the Internet to make payments is easy, fast and convenient.

Sadly this convenience can come at a huge cost. No, I’m not talking about your bank fees.

I’m talking about Internet payment fraud.

Criminals use the Internet to steal your money. And they’re always finding new ways to rob your business.

But, you can avoid being one of their victims.

Here’s one tip you can use to protect your business from Internet payment fraud.

Protect your business from Internet payment fraud by using this tip

#1: One popular scam fraudster’s use is spoofing. They set up sites to look exactly like your bank’s site or another site you trust, for example, says the Practical Accountancy Loose Leaf Service.
Once they fool you, the spoof website gets your banking details. After they get your details, they spend your money online or transfer money out of your account.
To protect your company from Internet payment fraud, use the latest browsers. Most of these alert you when a website is dodgy or has unsafe and unsecure content.
Also, never give out your PIN or account number via email or enter these details into a site you aren’t familiar with.
And remember, institutions like banks or SARS never ask you for these details online, so be very careful.

******** Recommended Product ********
Warning! Put a stop to fraud before it cripples your business...
Here’s how to protect your business from 9 of South Africa’s most common schemes...

Your employees can also help you fight Internet payment fraud

You must tell your staff to only enter your business’ private information over a secure communication method. To do this, they must confirm the following:
  • That their Internet browser displays the website address in green (this means the website is trustworthy);
  • The website address starts with https and not http; and
  • That there’s a closed lock icon. It must show either as part of the website address (Internet Explorer 7 or above), or at the bottom of the browser window.
The reality is every day, South African companies fall victim to Internet payment fraud. In fact, the Practical Accountancy Loose Leaf Service warns that South Africa’s listed in the top 11 countries in the world for Internet fraud.
Now that you have this tip, protect your business from Internet payment fraud. We also advise you to get The Essential Fraud-Proof Business Guide. It shows you how to deal with all aspects of fraud from online payment fraud, financial statement fraud to other fraud schemes that pose a risk to your business.

Related articles:




RSS Facebook Share the experience
Accounting and Tax Club.co.za

  • Accounting
  • Allowances and deductions
  • Audit/Assessment
  • Capital gains tax
  • Dividends
  • Donations Tax
  • Exports and imports
  • Fringe benefits
  • Input tax
  • Provisional tax
  • Sars
  • Tax basics
  • Tax invoices
  • Tax returns
  • Vat basics
  • Vat registrations
  • Vat return
Premium Services
  • Company Registration
  • Objections
  • PAYE
  • Trusts
  • Turnover Tax
  • UIF
  • Wear and Tear
how to get my tax number online[read more]
Published on 16 Feb. 2018 1 answer
Need some help on correcting payslips taken over from outsourced payroll person. As soon as the company pays ANYTHING...[read more]
Published on 06 Feb. 2018 1 answer
Dear Sir, Please advise the CGT calculation in the following scenario: Close corporation with one member purchased...[read more]
Published on 18 Jan. 2018 1 answer
Video Archive Video club

Your library of Free eReports
View full library
SARS Tax Tables 2016/2017 Download

Simply click download for your FREE SARS Tax Tables 2016/2017 to ensure you calculate your tax correctly.