That’s the amount of revenue the financial sector loses to fraud every year. Most organizations lose five percent of their revenue to bad actors, annually. It’s tempting to focus solely on the numbers, but the problem of fraud is much bigger than that of the financial industry. When fraudsters set their sights on your brand, they’re doing more harm than simply siphoning from your bottom line. They’re tarnishing your reputation, which is akin to trampling on customer trust – the basis of a monetary relationship.
To actively and effectively protect your company, you’ll need a combination of readiness, reconnaissance (intelligence and data) and resistance. Though it’s an ongoing war against bad actors on the Internet, you can win each battle with the right team on the front lines.
Don’t Start at Zero
Brand protection doesn’t have to start when you encounter fraudsters for the first time. In fact, it shouldn’t. It should begin at the same time you establish your domain portfolio. Essentially, you’re staking claim to your internet real estate — setting up your borders, if you will. These borders consist of domains and legal rights to intellectual property like patents, trademarks and copyrights. Winning the battle starts with knowing what you’re fighting for.
You’re Under Attack. Now What?
Unfortunately, not all financial institutions set up their defenses from the get-go. So, when they find themselves under attack, they can be caught off-guard. Well, without guards, really.
In order to thwart, and get ahead of these attacks, you need a multi-pronged approach spanning several channels. Fraudsters use a myriad of tactics to target your customers. Whether through email scams or typo-squatting, it’s imperative to have the right tools for the job and experts to wield them. That means ensuring that your brand protection partner has expertise in neutralizing bad actors across email, social media, websites, and dark web channels.
Employ a trusted brand protection partner to both preempt and patrol your online presence. Learn how to build a wall between fraudsters and your financial brand.