Cybercrime Prevention | Identity And Accounts Protection | Here’s what you need to do to protect your business | Lebanon | Byblos Bank

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Byblos Bank

Identity And Accounts Protection

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Here’s what you need to do to protect your business

Keep in mind

Fraud is an ever-changing and rapidly evolving crime, so it is important for businesses to be aware of new threats. Businesses should be aware of a new form of fraudulent activity called ‘business email compromise’ (BEC), which is also sometimes called ‘CEO fraud’ and is like ransomware. 

You can learn more about cyber threats for businesses by reading the Central Bank of Lebanon’s special new guide, which helps financial institutions guard against the growing number of email fraud schemes, where criminals misappropriate funds by deceiving financial institutions and their customers into conducting wire transfers. This guide also provides red flags and corrective actions, developed in consultation with the Special Investigation Commission (SIC), Lebanese Bankers Association (ABL) and the Internal Security Forces (ISF), to support financial institutions in identifying and preventing email fraud schemes.

Due to the increasing accessibility of business information such as email addresses, website data, employee schedules and the public availability of company registration details; business identity fraud has become increasingly commonplace.
 

DOs

DON’Ts

Restrict the use of your work computer to work only and review your business credit report.

Never use your personal computer at work. If it is not sufficiently protected from viruses and scams, it will act as a gateway to the company’s systems. Keep work and personal computing separate.

Get to know how your customers behave so that you recognize their habits such as payment schedules and purchasing patterns. Sudden changes in customer habits could be indicative of hacking or business identity fraud.

Never ignore sudden changes in customer behavior.

Company data should always be protected and backed up to trusted locations on a regular basis.

Don’t forget how important it is to test your recovery functions on a regular basis – diarize monthly to make sure that your data is not lost in the event of a crisis.

Invest in paying for a specialist to review the company’s security systems and policies. Do this at least once every year. Don’t rest on your laurels – fraudsters are extremely good at staying one step ahead of your most recent security updates.
Your local Byblos Bank branch can issue you with a digital certificate for signing and encrypting business emails – just call in to your branch and speak to your local business bank manager. Don’t presume that your business emails are secure.
Word documents and PDFs can easily be password-protected. Make sure to protect all documents that contain confidential data. Don’t let a busy schedule get in the way – prioritize the security of your data and take a few extra seconds to password protect sensitive documents.