Managing 101: leveraging software solutions (2022)

Managing 101: leveraging software solutions (2022)

Managing 101: leveraging software solutions (2022)

August 16, 2022

Managing 101

There you are, the head of a fresh startup, managing a small group of employees with a product roadmap plastered on the wall. Your partner secures some additional funding and tells you the team is about to double – if not triple – in size.

How are you going to keep track of all this, let alone make sure everyone is pushing in the same direction? 

That’s where goal-management software comes in, changing that product roadmap from a dozen sticky notes on the wall to a living virtual document that everyone in the company can see and contribute to. 

Goals by KeepSolid is one such software solution, and it’s built to help you manage an ever-growing team while keeping track of your progress and getting you closer to those long-term strategic objectives.

Here, we’ll take a look at:

 

  • The biggest challenges for startup owners
  • The benefits of goal-management software
  • How Goals by KeepSolid can help

Challenges for startup owners

It can be an overwhelming experience, trying to lead a group of fresh-faced employees at the very beginning of a company’s life cycle. There are so many things to think about: the product, the team, the clients, the investors. Not to mention, you’re also trying to stay afloat in an industry that’s constantly changing and growing. 

It’s difficult to keep track of everything, and even more difficult to make sure everyone is on the same page and working towards the same goal. Some of the biggest challenges managers can face are:

  • Defining long-term goals and objectives
  • Creating a product roadmap
  • Managing team performance
  • Monitoring progress

If any of these sound familiar, then learning to leverage a software solution might be just what you need to help get your startup on track.

Benefits of goal-management software

One of the best things about using a software solution like Goals by KeepSolid is that it can be helpful to any kind of business, of any size, at any point in its development. 

If you have three remote workers that are in different time zones–software can help. If you have 100 employees crammed into one floor of an office building–software can help. 

Some of the key benefits that your workers will experience are:

  • Increased clarity and transparency around objectives
  • A better understanding of how their work contributes to the company’s success
  • The ability to track their progress and performance
  • A way to give and receive feedback in a constructive manner

And for you, as the manager, you’ll get:

  • More visibility into what everyone is working on
  • Easier progress tracking towards long-term goals
  • The ability to quickly adapt as the market changes

Ultimately, using software to manage your team will help increase efficiency and clarity, while giving you the peace of mind that comes with knowing everyone is working towards the same goal.

Goals by KeepSolid can help

How will you know that everyone is working toward those goals? That’s where we come in. KeepSolid Goals has a long list of features, including:

But the most important one for new startup owners is the one that gets the most press: the product roadmap.

What is a product roadmap?

An essential piece of any project management process, a product roadmap is a high-level overview of the development cycle for a product or service. It includes important milestones, features, and delivery dates, and is meant to be a flexible document that can be updated as the market changes. 

And while it’s possible to create a product roadmap without software, using a tool like KeepSolid Goals can help you manage and update your roadmap as the market changes, while also giving you real-time visibility into what everyone is working on.

Goals - product roadmap

How to create a product roadmap in Goals

It’s incredibly easy to get started. Not only is it free to try, but the intuitive interface will have you throwing up objectives in minutes, and assigning team members the same day. 

Here is a step-by-step guide to creating your first product roadmap (once you’ve signed up, of course):

  1. Create your first objective – this could be something like ‘Increase website traffic by 10%’ or ‘Launch a new product line’ 
  2. Create tasks under this objective that need to be completed in order to achieve it 
  3. Assign these tasks to members of your team 
  4. Make sure you’ve included Key Success Factors (KSF) in order to know exactly what is required for the task to be completed. 
  5. Set Key Performance Indicators (KPI) to make sure everyone is moving in the right direction, and that things will be completed on time. 
  6. Create deadlines for each task, and reminders for your team members when something is approaching it. 
  7. Watch your team smoothly speed toward your goal (while monitoring the process to determine if any changes are necessary).

That’s it! Just by creating a product roadmap, you’re already well on your way to leveraging the power of software to help your startup get to the next level.

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5 trends that will shape the recruitment industry in 2022

5 trends that will shape the recruitment industry in 2022

5 trends that will shape the recruitment industry in 2022

August 15, 2022

Trends affecting recruitment industry

The recruitment industry has seen a dramatic change in the last few years. In these years, we live through the greatest workplace disruption and the level of volatility will not slow down in 2022! The disruptions caused by the COVID-19 pandemic demanded the recruitment industry to adaptat a quick pace to:

  • Higher unemployment rates – the U.S. Bureau of Labor Statistics reported that the country’s unemployment rate reached an all-time high of 14.7% in April 2020, which is higher than the rate of unemployment during the Great Depression in the 1930s. 


    Likewise, 81% of the talent acquisition specialists believe that virtual recruiting will continue post-COVID and 70% think it will become the new standard.

What are recruitment trends?

Recruitment trends are generic developments that revolve around the talent recruiting industry.  

As the business world evolves and expands, recruitment conditions also change. However, the recruitment process is still the same despite all technological advancements. Businesses source candidates, evaluate their roles and put them through multiple selection processes. 

What has changed is the recruitment trend – how HR leaders evaluate candidates is changed over the last few years. The trends such as analytics, and workplace assessment are more effective for assessing candidates than traditional ways such as CV checks. 

Recruitment trends have evolved and will continue to grow in the next wave of technology, such as metaverse. The pandemic’s disruption and the technology enhancement have accelerated the existing hiring trends and informed talent acquisition professionals of new ways to attract and recruit the right talent.

Importance of implementing recruiting trends in 2022

In 2022, the recruiting process will innovate new trends that will reshape the ways recruiters’ approach, attract and hire potential candidates. Currently, the candidates are being considered customers, so recruiters need new ways to attract talent. 

Let’s look at the top five recruitment trends to help you expand the efficient workforce.

Artificial Intelligence (AI)

With the enhancement in technology, the HR industry has experienced an engulfing AI wave. Most companies will focus on implementing systems that will work on the principle of AI, making it one of the most significant recruiting trends of 2022. 

According to the HR Research Institute, 96% of HR managers believe AI has the potential to aid in the right talent acquisition, and 55% think that AI will become the recruiting process in the next five years. 

AI-based tools help talent managers find the right talent faster and more efficiently. Some tools aid in the seamless scanning of online job applications to identify candidates that meet the job requirements, which takes recruiters 14 hours per week. 

AI automates the process that helps match the right person for the right position by tracking numerous keywords, and data points. 

E-presenteeism

After the COVID-19 pandemic, we witnessed the remote work-related phenomenon among workers. This made me think that working from a home setting encourages E-presenteeism, causing workers to feel they should be available for the company as much as possible.

The research states that almost 86% of staff think they need to prove to their managers that they are worthy and hard working. Sadly, this ultimately results in depression and burnout.

This triggers another recruiting trend that tackles the over-connectedness and availability issue. It is the process that ensures employees are not overworked and overwhelmed. Employers’ core duty is to introduce such a system that encourages workers’ work-life balance while ensuring productivity.

Data-driven recruiting

Data-driven recruiting is an approach to recruiting new talent. It involves using tangible facts and statistics to make hiring decisions – from selecting new decisions to developing hiring plans.  

With this emerging trend, planning and decision-making depend upon the data obtained through HR technology such as different recruitment marketing platforms. This can help to reveal which part of the hiring strategy works well, and which needs improvement.  

Many top companies including Uber, Facebook, and Robinhood have adopted the data-driven recruiting approach to go beyond resumes in the hiring processes to identify the right talent based on skills rather than education or past employers.  

The data-driven recruiting approach helps reduce biases in the talent selection process, increases diversity and quality of hire.

Diversity, equality and inclusion

This trend might not be new, but it will continue to be a hot topic in 2022. According to the World Bank, workplace gender equality can help the global economy with up to £120 trillion. Moreover, gender and ethnic workplace diversity can improve profitability by up to 33%. 

But, there is a chance that companies will go beyond the statistics. The new recruitment trend will focus on systemic inequalities and ways to enhance discriminatory systems. 

Employees’ well-being

The focus on health and well-being is one of COVID-19’s legacies. This makes 2021 the year of implementing and evaluating mental health policies. In 2022, we will see a rise in employees’ well-being surveys, apps and mental health training, making it one of the top recruiting trends. 

It’s no surprise that this is a top concern for HR directors, as the corporate well-being market in the United States is estimated to be $20.4 billion and is expected to increase to $87.4 billion by 2026.

Conclusion

In an employee-driven market, it is essential to keep yourself updated on recent technology, understand current recruiting trends, develop efficient hiring strategies and market your organization that potential candidates want to work for.

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MQTT in IoT: What is it and how does it work

MQTT in IoT: What is it and how does it work

MQTT in IoT: What is it and how does it work

August 10, 2022

Implementing MQTT in IoT

In recent years, the Internet of Things (IoT) has become one of the main innovations of the 21st century. Now, we can interface humans with everyday objects like cars, electric appliances, etc. But how is this connection made possible? IoT uses both connectivity and messaging protocol that provides the base for communication within a remote location. The messaging protocol is referred to as Message Queuing Telemetry Transport (MQTT).

MQTT is a standard lightweight messaging protocol specifically designed to work under low-bandwidth locations to convey telemetry information. MQTT uses the concept of ‘publish and subscribe’ via the MQTT broker. It means that a machine (publisher) publishes a topic; sends it to the MQTT broker, which will distribute information to all the machines (subscribers) embedded in that device. 

Its features of low bandwidth, low latency, minimal power consumption, and being able to be used on small footprint devices have made many industries in manufacturing, automotive, telecommunication, etc., use MQTT. Being the most preferred messaging protocol, how does it work?

How does MQTT work?

MQTT has a simple architecture that utilizes the available bandwidth for transmission. This simple architecture is called the ‘Publish and Subscribe’ model. The model involves clients (a sender and recipient), but communication isn’t direct because a third party is engaged, called an MQTT broker. 

When the publisher wants to send a message, it publishes the topic and sends it to the broker. The broker finds all the subscribers of the subject and distributes information. It entirely means that a publisher and subscriber have no direct link to each other. The process is reversible because the publisher can be the subscriber, and the subscriber can be the publisher.

The broker is an intermediary whenever the connection is cut from the publisher or subscriber. When the subscriber is offline, the broker will hold information sent by the publisher until the subscriber is back online. On the other hand, the broker will relay particular instruction messages (cached messages) to subscribers whenever there is a communication breakdown from the broker.

MQTT messages

An MQTT message is categorized into four phases: connection, verification, communication, and endpoint. A client begins by making a Transmission Control Protocol/Internet Protocol (TCP/IP) association with the specialist by utilizing either a standard or custom port characterized by the intermediary’s administrators. While communicating, it’s vital to perceive that the server could proceed with an old meeting assuming it is given a reused client personality.

There are two standard ports of communication in MQTT: encrypted (8883) and nonencrypted (1883) communication – utilizing Secure Sockets Layer (SSL)/Transport Layer Security (TLS). During the SSL/TLS handshake, the client approves the server testament and confirms the server. The client may likewise give a testament to the representative during the handshake. The agent can utilize this to validate the client. While not explicitly part of the MQTT determination, it has become standard for agents to help client validation with SSL/TLS client-side testaments. 

MQTT is a lightweight code protocol since every message has a little code. Each message comprises a decent header of 2 bytes, a discretionary variable header, a message payload restricted to 256 megabytes (MB) of data, and the nature of administration (quality of service). 

At the point when a distributor or endorser needs to end an MQTT meeting, it sends a ‘Disconnect’ message to the merchant and afterwards shuts the association. It is an effortless closure since it enables the client to effectively reconnect by giving its client character and continuing the latest relevant point of interest.

Should the termination happen unexpectedly without time for a distributor to send a ‘Disconnect’ message, the representative might send endorsers a statement from the distributor that the intermediary has recently reserved. The message, known as a last will and confirmation, furnishes endorsers with directions for what to do if the distributor suddenly disappears.

MQTT in IoT projects

Here are some of the benefits why a company would collaborate with an IoT company to implement the MQTT messaging protocol: 

  • Lightweight Code Protocol: MQTT clients are tiny and require insignificant assets to be utilized on little microcontrollers. MQTT message headers are little to advance organization data transmission.
  • Work Under Unreliable Network: Numerous IoT gadgets are associated with inconsistent cell organizations. MQTT’s help for tireless meetings diminishes the chance to reconnect the client with the dealer.
  • Two Way Communication: MQTT takes into consideration informing between gadget to cloud to device unendingly. It makes for simple telecom messages to gatherings of things.
  • Solid Message Delivery: The dependability of message conveyance is significant for some IoT use cases. Therefore, MQTT has three characterized nature of administration levels: 0 – at most once, 1-no less than once, 2 – precisely once
  • Secure: MQTT makes it simple to scramble messages utilizing TLS and validate clients using present-day confirmation conventions, like OAuth.
  • Fast Communication: MQTT works continuously, without any postpones beyond the quality of service.
  • Comprehensive Support for Programming Languages: MQTT has comprehensive support for programming languages, making it simple for designers to use while developing. 

Drawbacks of MQTT

  1. MQTT has more slow communication cycles than Constrained Application Protocol (CoAP).
  2. MQTT’s asset disclosure deals with adaptable point membership, though CoAP utilizes a steady asset revelation framework.
  3. Being a lightweight protocol, it has minimal authentication features.
  4. MQTT is decoded. It utilizes TLS/SSL (Transport Layer Security/Secure Sockets Layer) for security encryption.
  5. It’s challenging to make an internationally versatile MQTT organization.

Applications Of MQTT in the IoT industry

      • Car Industry: MQTT IoT projects in the car industry reduce vehicle robbery avoidance, vehicle observing, and far-off support of vehicles.
      • Transport Operations: One of the best MQTT conventions in the IoT model is in the strategies area. MQTT IoT centre points, for example, Airtel IoT, assist with following cargo vehicles and give continuous cautions to cargo wellbeing and development.
      • Home Computerization: IoT dashboards use MQTT to oversee home gadgets immediately with your cell phones.
      • Agriculture: The emergence of smart farming has enabled farmers to monitor soil pH, temperature, and humidity – essential for effective yielding and overall farming techniques. 
      • Energy Industry: IoT MQTT boards in the energy area help to construct a more brilliant energy network and upgrade power utilization by purchasers.

 

Conclusion

MQTT assumes a significant part in making IoT projects more ‘low-lift’ regarding specialized determinations while accomplishing the ideal associations among gadgets, servers, and applications. The publish and subscribe model in MQTT makes it simple to be adopted in IoT. Additionally, choosing the correct cloud service will enhance a high-quality service for your project with the help of MQTT brokers.    

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9 ways to ensure severe weather safety in the workplace

9 ways to ensure severe weather safety in the workplace

9 ways to ensure severe weather safety in the workplace

August 01, 2022

Securing the workspace from severe weather

As any business owner knows, severe weather can pose a serious threat to both employees and operations. High winds can topple trees and power lines, while heavy rains can lead to flooding and property damage. And of course, extreme heat can lead to heat stroke and other health problems.

That’s why it’s important to mitigate risks associated with severe weather by implementing a comprehensive safety plan. 

9 tips for implementing severe weather safety in the workplace

Here are nine ways to get ensure severe weather safety in the workplace:

Inspect the building for potential hazards

Before severe weather hits, it’s important to inspect the building for any potential hazards. Common workplace hazards during severe weather include falling debris, high winds, and flooding. To help protect workers from these hazards, it’s important to remove loose items from the workspace, secure any items that could be blown away by high winds, and ensure that all electrical equipment is properly grounded. If possible, set up generators in advance to keep essential systems up and running.

Assign emergency response roles

Emergency preparedness isn’t a one-person job. To ensure that your workplace is prepared for severe weather, you should assign emergency response roles to multiple employees. This way, you can be sure that someone will be available to take charge in an emergency. Commonly assigned roles include an emergency coordinator, first responders, and building evacuation leaders.

Keep an eye on the forecast

This may seem like a no-brainer, but it’s always a good idea to keep an eye on the weather forecast, especially if there’s a chance of severe weather. High winds, heavy rains, and even snow can all pose a hazard to workers. By monitoring the forecast, you can be sure to take the necessary precautions to keep your employees safe.
In addition to keeping an eye on the forecast, it’s also important to stay informed about severe weather conditions. You can sign up for alerts from the National Weather Service or your local news station. This way, you’ll be sure to receive timely information about any severe weather heading your way.

Have a plan in place

In the event of severe weather, you should have a plan in place for how your employees will stay safe. It’d be best if you tailored this plan to your specific workplace and the types of hazards you might face. For example, if you live in an area prone to hurricanes, you should plan how your employees will evacuate the premises if necessary. However, if you live in an area that’s more likely to experience severe thunderstorms, you should have a plan for how your employees can take shelter. 

Develop a severe weather policy

In addition to having a plan, you should also develop a severe weather policy for your workplace. This policy should outline what employees should do in severe weather and any safety procedures they should follow. For example, your policy might state that all employees should evacuate the premises in the event of a tornado warning. Or, your policy might require all employees to stay indoors and away from windows during a thunderstorm.

By having a severe weather policy in place, you can be sure that your employees are aware of the procedures they should follow in the event of severe weather.

Stock up on supplies

In the event of severe weather, it’s important to have the supplies you need to keep your employees safe. This might include items like first-aid kits, flashlights, and batteries. It would help if you also considered stocking up on non-perishable food and water in case of an extended power outage. By having the supplies you need on hand, you can be sure that your employees will be taken care of.

Train employees how to properly use emergency equipment

If you have any emergency equipment in your workplace, it’s important to ensure that all employees know how to use it. This might include fire extinguishers, first-aid kits, and emergency generators. Furthermore, you should hold regular training sessions to ensure that all employees are familiar with the proper use of the emergency equipment. If you’re not sure how to appropriately train your staff, you can find excellent training materials at Safety Videos.

Keep your employees informed

To ensure that your employees are safe during severe weather events, keeping them informed of the latest forecast is important. This might include sending out updates via email or text message, posting information in a central location, or using an emergency alert system. It’d be best if you also let them know what actions you’re taking to keep the workplace safe.

Conduct regular drills

Finally, one of the best ways to ensure severe weather safety in the workplace is to conduct regular drills. By regularly practicing what to do in severe weather, employees will be better prepared to act quickly and efficiently if a real emergency occurs. Furthermore, drills provide an opportunity to identify potential weaknesses in the emergency plan and make necessary adjustments.

Conclusion

Severe weather can pose a serious threat to the safety of your employees. However, there are steps you can take to help ensure their safety. By following the tips above, you can create a safer workplace for everyone.

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The truth about leadership in business and management

The truth about leadership in business and management

The truth about leadership in business and management

July 25, 2022

Leadership in business and management
When we hear the words “business leadership” and “management in business” most likely we have associations with business and personnel. Interestingly, in the minds of many, the concept of “leader” evokes a cool and positive attitude than a “manager.” Although business is not an exact science, let’s try to objectify these subjective concepts to understand these characters and their contribution to the business. 

Business leaders and managers are not positions with job descriptions; they are more of a role. A role is a life or work position comprising a set of functions performed by a person. But leadership is helpful for everyone. Such characteristics show the person as intelligent. So, it’s important to develop leadership skills from a young age, especially if you want to be a manager in the future.

How college students can develop leadership skills

Students need to develop leadership skills, which will help them in the future. There are many courses about fundamentals of business management, but also principal rules for leaders. Here are some tips for students who want to become leaders:

Get out of your comfort zone and be a critical thinker

Challenge yourself to improve and remember. The more work you take on, the more you learn. Good leaders can anticipate potential problems before they happen. To be a leader, the student should learn to think critically. To this, he can try to read books or free essay samples. There are many free essays online so that every student can research papers. 

Students can even try to write their essays to see their strong sides. But not every person has the appropriate writing skills to write a leadership experience essay sample. Nowadays, it’s not a problem because the student can find a leadership experience essay written by any famous leader and use it as an example. Also, such practice can help to develop writing skills and give motivation.

Learn how to listen and provide feedback

Listening effectively to employees and customers is essential to being an effective leader. Also, it’s vital to motivate and positively influence others. A natural leader should encourage and empower them and be their support system.

Common traits of leaders

A business leader is someone who is followed to do something with him. If there are no followers, then there is no leader.

Unites by common values ​​and principles

Values ​​are unspoken rules beyond job descriptions. It’s about a pattern of behavior and choice. What is good and what is bad. The presence and clarity of values, and most importantly, their implementation, first of all by the leader, allows you to form a strong corporate culture and company to attract customers and partners close in value.

Gives energy

Thus, a leader who sits hunched over has little chance of leading someone to follow him, even if he has a good vision. It does not mean that you have to jump around and talk all the time loudly. So, energy will not be enough for a long time. Be a constant source of the power of intelligent confidence, warmth, openness, support, reliability, and continued forward movement. A leader must also be able to recover from giving back.

Supplies ideas and constant search for new opportunities

A leader must bring new ideas and not let the company stagnate and get bogged down in routine, even when things are going well. For this, he reads, communicates, expands his horizons, is interested in everything, and is not afraid to ask questions.

Shares knowledge

A leader sincerely shares his business knowledge and is not afraid to do so. Think of the great Eastern sages who have thousands of disciples. It works in business too.

What does a manager do?

A manager is an employee of the organization whose main task is to manage other employees, as well as critical resources of the organization. Here are manager’s main functions:

Planning

Together with the leader and the team, he makes a detailed plan to achieve that beautiful distant vision that the leader vividly sees.

Organization, management, and control

It will make it possible to organize a clear order of execution of the drawn-up plan and prompt correction of actions in case of deviations. And this is all constantly working with the team, step by step, measuring intermediate results.

Conclusion

People with leadership qualities are often active, proactive, get along well with others, can take responsibility, are persistent, organized, and able to control their behavior, desires, and emotions. Of course, everyone can become a leader. You have to go for this goal. Start developing leadership skills; you won’t notice how people will follow you to listen to your ideas. However, those with poor leadership qualities may struggle with some of these traits, leading to challenges in motivating and organizing their teams.

Leaders, as a rule, do not like it very much because it is not so interesting for them. They start to get bored and neglect these functions. It often leads to the fact that great intentions are not realized. So, the team continues to follow the leader for a while, and everything falls apart. But business leadership and management are related jobs.

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6 challenges when dealing with business-related frauds

6 challenges when dealing with business-related frauds

6 challenges when dealing with business-related frauds

July 06, 2022

Challenges when dealing with business fraud

Business fraud has long been something most businesses are concerned about. But, still until this today, it stands as one of the most significant challenges most companies face when they have an online business, mainly because online attackers will always find news to breach data. 

Nevertheless, fraud teams are dealing with increased pressure on their shoulders to find new ways to prevent these attacks. Simultaneously, there are always new regulations that are rolling out.

6 common challenges you will face when dealing with business frauds

There are many big challenges business owners must face while taking care of their online business – but lets take a look at 6 of the most common challenges.

Handling too many transactions with a small fraud team

Especially after the pandemic’s beginning, there has been an increase in online transactions for many types of businesses since consumers have to switch to digital channels after the pandemic. Thus, some companies had to cut down their team because of financial reasons. However, this results in the following: 

  • Being able to address emerging fraud trends quickly 
  • Defending chargebacks

Of course, this can significantly impact fraud rates, and usually, if frauds aren’t addressed quickly enough, they can result in many other issues. Moreover, if your fraud team struggles to address issues, your best bet is to outsource fraud and abuse prevention solutions to a trusted third party. 

Fraud prevention in banks

Fraudsters would love to attack users with financial information. Bank fraud prevention is one of the biggest challenges financial organizations have to go through. In this case, every financial institution must fight against complex fraud attacks continuously changing. Nevertheless, here are some of the biggest fraud challenges for banks: 

  • Customer onboarding: Due to regulations by Anti-money laundering (AML) and Know your customer (KYC), it’s quite a risk for banks to contribute to digital onboarding. They are legal requirements that request you to confirm user identities to ensure they won’t commit financial crimes. One common method employed by banks to comply with AML and KYC regulations is implementing a robust customer screening process, which often involves conducting thorough PEP screenings. These screenings aim to identify individuals with potential political connections or high-risk profiles.
  • Credit card fraud: Banks should be well aware of any fraud committed regarding transactions or when the withdrawal occurs. However, spotting patterns have limited exposure only by seeing the amount, currency, and category.
  • Account protection: An account takeover might happen when an online fraudster steals sensitive information such as the log-in details of a user. However, one of the most common issues includes that banks will identify and block fraudulent attacks. Still, the bad part is that fraudsters will take advantage and try to find new ways to hack their way into sensitive information. In other words, it’s a continuous fight! 

Above all, many fraud scenarios occur, and no matter how well prepared banks can be, there will always be ways in which fraudsters will launch an attack. Here are some more fraud scenarios that occur: 

  • Account opening fraud: Includes stolen identities for obtaining credit cards or fraudsters opening accounts and acting like real customers. 
  • Account takeovers: Online attackers who overtake stolen accounts can start to spend the money in the account and even change all the credentials to act like legit users. 
  • Fraudulent fund transfers: Occurs when online attackers will use an emulator or cloned app to make bank transfers. This is a standard method used for stealing money from accounts. 

 

Identifying warning signs from online attackers

Even though online attackers have used the same methods to commit fraud for several years, it’s vital to be aware of warning signs of online theft and financial fraud to protect your business and avoid letting data fall into the wrong hands. 

Whenever online attacks try to hack into your sensitive information, here are some of the most common methods they’ll use to do so: 

  • Links or ads: You might see spammy links or ads that ask you to click on them so that they can get support, but don’t be fooled by these tricks. You may receive these links by email or by downloading a file you shouldn’t. 
  • Phone calls: Online attackers might make anonymous calls and lie to you that they are a legit company. They can fool you into offering fake opportunities and gathering your personal information. Your best bet is to tell them you are in a rush or to send any important information to your email so you can further identify what they are trying to do. 
  • Emails: A standard method online attacks will use for fraud. The most common type of email is sending fake job openings, fake links, or any other attachment containing malware. Gmail and Outlook will usually be smart at identifying these, but I don’t think they can save you every time, so you need to watch out. 
  • Pop-ups: Random pop-up messages can seem like you made a mistake or might be telling you that you won something; the last thing you want to do is to click on it. It may be a virus in disguise, asking for your sensitive information. A standard pop-up message informs you that you won a prize and will ask for your information to send you the prize, but avoid believing in these pop-up messages. 

 

Not taking advantage of ML and AI

Some fraud teams are taking advantage of making use of machine learning (ML) and Artificial Intelligence (AI). However, simultaneously, many fraud teams aren’t taking advantage of this. Nevertheless, it’s pretty tricky for human beings to do everything on their own, and while AI can work without taking breaks, humans can’t do this, unfortunately.

With the help of ML models, anti-laundering capabilities have increased. Thus, it hasn’t only strengthened the protection we receive against online fraud but is also supporting our anti-fraud strategies. However, according to a recent study, only 13% of organizations worldwide are using AI and ML capabilities to fight fraud!

Internal fraud

The world isn’t perfect, so before you allow anyone in your team to gain access to sensitive information, you must be sure you trust them enough. Sadly, that isn’t always the case, so you must take action to keep an eye out for employee theft and internal fraud! Here are a few steps you can overlook: 

  • Employees who work too many hours: There’s nothing terrible about working too many hours, but sometimes, some employees might do it to take advantage of you. Internal frauds can happen while no other team member is around, so if you find some of your employees coming in early, working on holidays, or staying late, there’s something to be curious about. 
  • Employee burnout/high-stress levels: Have you realized one of your employees is stressed out? You never know what the reason may be. It might be due to your employees having something to hide! It’s always important to investigate further. 
  • Living beyond their standards: This can’t always account for internal fraud but does take part in it. For example, identify any employees coming the next day with an expensive car, or clothing, or telling you about a costly vacation they are going to. It may be something to investigate about. Impulsive purchases can always be fraudulent, so it’s best to watch before something even bigger happens! 

 

Unprepared employees

When fraud occurs, nobody will inform you of an attack before it happens. Thus, the biggest issue amongst organizations is how unprepared they are when an attack does happen. In fact, according to a study, more than 70% of organizations claimed to be unprepared for an online attack. 

Above all, it’s more important than ever to teach your employees how to prevent fraud and immediately report suspicious behaviors. Your employees should be your first line of defense against fraud, which is excellent for real-time fraud identification. Try to hold regular meetings on how you can incorporate new ways of fighting fraud. Even if there are new hirings, ensure that you teach them how to be well aware of fraudulent activities. 

Alternatively, you can consider using a dark web scanner to identify if any site on the web is using your information for marketing purposes. Employees can learn how to use this and continuously monitor if this occurs or not.

Conclusion

These are six big challenges that organizations face when it comes to business fraud. Fraud is something we can’t ever stop, and the worst part is that it may come unexpectedly. You never know when it can happen and why it happens. 

Moreover, there are too many challenges organizations face and as statistics showed, the majority of organizations aren’t prepared at any level to face fraud. The worst part is that when fraud hits your organization, it can damage your reputation and cause too many issues that will never allow your organization to be the same. Therefore, it’s best to prepare for it before it hits you.

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