Safeguarding your business to avoid online scams
The topic of scams has always been relevant as scammers and technology are constantly advancing. Recently, The Straits Times reported that 85 people were involved in 112 scam cases, where the victims lost more than $716,000.
Scams triumph because they resemble the genuine deals/products/etc and is appealing to the audience. At some point in time, you might find yourself vulnerable to such scams.
Follow our tips and stay alert to safeguard your business by following our tips.
The Importance of KYB Checks
KYB checks minimises risk of scams and secures productive regulatory compliance. KYB checks helps businesses attain credibility and a good rapport within the business network. The higher the ratings are for the business (from the authorities), the higher the business leads it pulls in. Exceptional businesses work to put a stop to unforeseen non-compliance fines.
KYB checks also helps businesses fulfill their share in the market (globally). SMEs are now venturing into online networks to develop online connections from around the world. Considering that there isn’t any face to face interactions, it is much riskier to deal with other businesses thus rendering KYB checks more important than ever. This ambiguity has left a flaw in the B2B relationship which is then utilised by the scammers who are ready to take advantage of it.
How to conduct KYB Checks.
KYB checks can be conducted manually or through a KYB screening system. The most effective and efficient method is to perform KYB checks using an online KYB screening system. This system is great as it operates online in actual time and can issue practical and functional insights to protect us from any risks.
Doing KYB checks will help us to be more aware of the potential business transaction. It presents a global risk cover for you that cannot be achieved manually. Since we’re dealing with the digital market, where everything is computerised and accessible on the web, we should take the necessary precautions to conduct online checks to protect ourselves and our businesses.
Outsourcing a KYB Check is plausible at a cost.
There are certain KYB check systems that also come up with a customised plan that is created and planned according to the needs of the business. Manual verification has now become very costly as verification experts charge at a very high price. Not to mention, there’s a lot of resources that is needed to conduct a manual verification. (blacklists data, infrastructure, technological resources) Even after all that, you might still get a false positive and extensive check procedures may demotivate the possibilities.
Digital KYB Checks is definitely a wise investment choice and it encourages businesses to form a transparent B2B relationships even at a global level.
What is Social Listening?
Social listening works together with social monitoring to deliver an overall baseline for a business. It provides the nitty-gritty analysis of your audience, what they care about, and the platform used to discuss such things. It reveals all the information that may be important to know.
Social listening investigates the general social presence – It gathers data that make abnormalities become simpler to spot.
Why is Social Listening Important?
Social listening is a way of keeping track of a brand or a business by extracting information regarding the business from various media platforms. Social listening offers businesses a chance to follow, analyse, and react to other potential businesses partners via the media. (News, Social Media, etc.) It's an essential component of audience research. If you’re not utilising social listening, you are missing out a bunch of great insights that can potentially help protect you and your business against fraud. Social listening can positively impact your decision making.
Social listening helps to keep your brand aware by revealing the bigger picture. It will also show ongoing issues that’s happening within the potential business. This will help you to see the problem at its root and decide from there.
In summary, every business has the responsibility to conduct due diligence prior to engaging in any sort of business deal, contract or transaction. As scams are getting more trickier to spot, businesses must also be smarter and think of every outcome that may or may not affect them. Its' always better to be safe than sorry. Hence we implore businesses to seek out platforms that they can use to help avoid scams and create a safer and more secure global marketplace.