{"id":21991,"date":"2022-06-21T11:25:10","date_gmt":"2022-06-21T11:25:10","guid":{"rendered":"https:\/\/www.potential.com\/?p=21991"},"modified":"2023-06-27T08:40:58","modified_gmt":"2023-06-27T08:40:58","slug":"how-to-safeguard-your-online-business-against-todays-fraud-rings","status":"publish","type":"post","link":"https:\/\/www.potential.com\/articles\/how-to-safeguard-your-online-business-against-todays-fraud-rings\/","title":{"rendered":"How to safeguard your online business against today’s fraud rings"},"content":{"rendered":"

Unfortunately, fraud is something that all businesses need to concern themselves with today.
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The situation is only getting worse. Last year, consumers reported losing more than $5.8 billion<\/a> to fraud. This represents a 70 percent increase when compared with 2020.
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It does not matter whether you run a small coffee store or you have a nationwide chain of legal firms, you need to do everything in your power to ensure that both your employees and clients are protected.
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However, cybercriminals are only getting more and more sophisticated, making the challenge even more difficult. With that in mind, below, we are going to take a look at some of the different things you can do to protect your business from fraud in the modern day.
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What is a fraud ring?<\/strong><\/h2>\n

Before we reveal more about protecting your business from fraud rings, it is vital to explain what a fraud ring actually is. A fraud ring is basically an organized group of fraudsters. They tend to be much more sophisticated when compared with opportunistic fraudsters, and they can access more technology, money, and resources.
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While there are some fraud rings that specialize in just one kind of attack, the majority of fraud rings will use a number of different fraudulent methods, even overlapping with both general crime and cybercrime. In a recent post, SEON discusses various fraud rings<\/a>, and this can help to give you a greater insight into how they operate and what to expect.
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For example, a lot of fraud rings work with experts in a number of fields, including synthetic ID creation, credit card fraud, and social engineering.
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We should also say that it is challenging to provide a precise definition of what makes a fraud ring. As is the case with a lot of other types of organized crime, there is no real definition for how many members are required before you can call it a crime group.
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