Ways Utah Businesses Leaders Can Protect Employees from Online Scammers
It’s hard to fathom where modern business would be without technology. You’ve likely heard the phrase “working at the speed of business.” It’s certainly true these days, and it’s faster than it’s ever been. In light of the changes caused by the coronavirus pandemic, the opportunity for fraud has also increased and can happen to anyone, either business or personal.
A recent article in Utah Business highlighted common cybercrimes that businesses need to be aware of — including several that have actually taken place in our state — and ways to prevent them.
It’s important for customers to feel that their information is safe with you. And you have plenty to think about as a business owner, so let First Utah Bank’s solutions related to banking in the Beehive State provide stability. Whether it’s a term loan to support an extra financial push to beef up your online security initiatives or just providing a stable account that meets your business’s needs, First Utah Bank is here to help.
Methods of cybercriminals that make businesses vulnerable
Article author Eric Peterson first details one of the scams that recently took place, in which an email was used to “spoof” a C-suite leader of a business, asking another leader for about $58,000 to be sent through a wire service to solve a sudden financial concern. Unfortunately, in this case, the trick worked, but it was stopped when the business called the Federal Bureau of Investigation to bring down the scammer.
Companies in Utah that specialize in computer security say they see scams like this often, and that the targets have moved from larger national companies to ones that are smaller. The reasoning is that smaller businesses may not have the security fortress that billion-dollar businesses may have.
There’s also a technique that’s gained ground when it comes to phishing, the cybercrime where clicking on a link causes potential concerns related to security. Greg Spicer, a leader at Salt Lake City cybersecurity business Braintrace, said that phishers are now lurking around a company’s network instead of just striking with some data theft. They gather personal information to make the attempt seem legitimate.
“They watch and learn people’s kids’ names, dogs’ names,” Spicer explains. “Eventually it gets to the point they set up a fake email from CFO saying. ‘Hey I’m traveling this week, just wire the funds to this account and oh by the way how’s your dog? How was your kid’s soccer game last week?’”
Employees need to be vigilant
Knowing what specifics to watch for in cyberspace goes a long way to preventing dangerous activity. With email-based crimes, it makes sense for companies to change policies that go beyond just security. One such example is to first confirm a request via phone for any wire transfers.
Another bit of advice is to go beyond informing employees to keep an eye out for scams. Invest in security tech to help stop a cyberattack or scam in its tracks. Although there is an expense to this, it’s another layer of protection for your business, your employees and your customers and shows a dedication to data security. Several companies, including ones based in Utah, also offer ways to educate employees about the most current methods online criminals are using. Remember that this should be an ongoing initiative, as scammers will always try to be one step ahead of the latest security measures.
“You can’t just put a wall up and say ‘we’re good,’” says Jeff Smith of Utah security company Secuvant. “It’s a dynamic process. The bad guys are changing their tactics all the time, they’re changing how their emails look and how they deliver malware.”
The right kind of lending can boost your Utah business
Keeping your well-earned profits and seed money safe from nefarious online scammers should be one of your highest priorities. First Utah Bank knows and understands how to provide funding solutions that create security for a business that’s just starting to get off the ground.
We know about the needs of small businesses and can help with our series of term loans. They are a good way to have a specific amount of money available to fit your needs as they become present. This type of business lending gives Salt Lake City businesses the option to meet distinctive needs or purchase assets. It’s on a predetermined schedule based on monthly principal and interest payments. Loan rates are usually fixed, but they can be variable depending on your business needs.
Among the uses for these type of loans are for long-term working capital, investment in commercial real estate, commercial vehicle purchases or business debt consolidation, among other options.
Talk to your home state business loan officers to see how term loans might benefit your small business. Learn more at our term loans website, or call First Utah Bank at 801-308-2265.