To guard against the rise in identity theft cases, businesses are turning to Electronic Resource Planning. ERP systems helps businesses manage security though collecting data related to planning, inventory, purchasing, marketing, and other important financial components. ERP systems help strengthen the overall financial health of businesses.
Major credit bureaus, such as TransUnion and Equifax collect the credit information for millions of people throughout the World. That’s why the news that Equifax was compromised was shocking. A breach in cyber security left the social security numbers of millions of people vulnerable. People were upset that such a large credit bureau would be unable to keep confidential information secure. The Equifax breach was one of the largest in US history, and made global headlines. Many analysts felt that while technology has lead to many positive things, like increased innovation, the rise of fraud and identity theft can also be linked to technology. Statistics have shown that the number of cyber crimes continues to rise every year. Within the past two years, the number of cyber crimes has increased by almost 50%
How Businesses Can Prepare
Businesses are on alert more than ever before. Many businesses are starting to understand the importance of having a protection plan, as that is often overlooked. Businesses are taking the initiative so that they will be prepared in the event of an identity theft breach. There are risks involved whenever a business has to type in different account numbers and documents over the internet. Any business documents should be kept in a secure location. In lieu of using a traditional business card, research the benefits of using a prepaid card. Businesses should continually track their profiles with the major credit bureaus at all times. Do not allow anyone to gain complete access to every piece of company information.
There have been recent technological advancements, such as payment optimization, that have helped data become more secure. Real growth in this area occurred with the implementation of the EMV Chip card. EMV cards make it difficult for criminals to retrieve financial information. However, there has still been an alarming rise in the number of card not present transactions. Counterfeiting also continues to be an issue. OTR payment systems help simplify business by improving both control and visibility. Businesses can keep track of all transactions in current time. OTR payment systems allow businesses to authorize checks and payments, keep track of every transaction, and the ability to block any action that occurs within the system.
AP solutions help costs while accumulating revenue and decreasing the risk of identity theft and fraud. With the implementation of these sophisticated systems, businesses are able to avoid potential gaps that could lead to a security breach. These systems help increase control and reliability.
Article Source: https://www.wexpayables.com/2017/10/27/identity-theft-business/