In 2017, scammers phished more than $100 million from Facebook and Google. If fraud can happen to Facebook and Google, it can happen to anyone. No matter how careful you are, how diligent you are about changing your passwords regularly, covering up your webcam and not opening suspicious-looking emails, phishing, fraud and cyber-attacks can still happen to your organization. And it is attacks like this that are difficult to recover from and can ruin your company’s reputation if your data is subject to a security breach.
With today’s technological advancements, any person and any company can become the victim of a phishing scam or fraud. Document management/paperless automation helps your company create a defense against fraudulent behavior, both inside and outside of your organization.
- Reduced back-and-forth email: When emails, especially emails with pertinent business information, are being sent back-and-forth, you run the risk of those emails falling into the wrong hands, especially if you’re not sending them securely. Oftentimes, these emails include financial and other sensitive company or vendor information. Automated solutions can help fix the lack of security associated with emails, as they send documents to the proper approver based on unique business rules, which means that information doesn’t need to be emailed back-and-forth. Information is sent to a queue within the document management solution and an email is sent to the appropriate approver to let them know that the secure queue has documents that need their attention.
- Improved compliance: According to document retention regulations, certain business information is required to be kept on-file for a set amount of time. Rather than keeping those documents in a filing cabinet or box in a storage room in the basement, a document management solution securely stores files digitally. In order to remain compliant with government retention regulations, you must have a clear and defined organizational and storage system in place to show auditors or other authorities. Your document management/paperless automation solution also keeps a thorough and accessible audit trail so that you can prove your compliance.
- Automated rules: With document management/paperless automation, there are built-in rules that are not dependent on humans and are not susceptible to social engineering, which phishing is a form of. Social engineering is a term used to describe malevolent activity that is accomplished through human interference and manipulation. These social engineers often use tactics that trick companies into making security mistakes that give away their sensitive business information. Document management/paperless automation is essential in preventing social engineering as the built-in rules do not need to be managed and operated by humans. Instead the rules run independently and automatically and are secure in the way that they process and store information.
- Prevention of internal data breaches: People are tech-savvy, and it’s becoming increasingly more common for data breaches to occur – inside of your organization and out. When sensitive information is sitting in a filing cabinet, it becomes accessible to everyone in your organization. Additionally, digital files may be sitting in folders on your desktop, leaving them just as susceptible to data breaches. A document management system assures that data is never accessed, changed or deleted without you knowing it and without the proper permissions. Administrators have the ability to set up system permissions so only authorized employees have access to certain types of information and can only take certain action on that information. This prevents sensitive information from falling into the wrong hands.
Document management/paperless automation could be the key to preventing fraud, both within the walls of your company and halfway around the world.