Businesses large and small are reliant on software as a service to run their operations and serve their customers. However, this increased reliance on software can make them a target for fraudsters looking to gain unauthorized access to sensitive information and payments. Fortunately, Software as a service (SaaS) fraud prevention are several tools and strategies to protect SaaS users from fraudulent activity.
How is technology used in fraud prevention?
A comprehensive risk assessment can help companies identify and mitigate the risks of a SaaS security breach. This includes a detailed look at internal controls, external threats and potential legal ramifications. A good assessment should also include a risk response plan that includes protocols for reporting and investigating suspicious activity.
SaaS fraud prevention is an essential part of the overall cybersecurity strategy for any business. This includes a strong authentication system and implementing a second factor of authentication for account logins. In addition, it’s important to monitor usage data for any sudden increases in data or service utilization that could indicate a cyber attack or phishing attempt.
There are a number of different types of SaaS fraud, including compromised accounts, transaction fraud, subscription manipulation and API abuse. Compromised accounts are often the result of phishing or social engineering attacks that result in stolen credentials. Fraudsters may also use compromised accounts to make unauthorized transactions on their victim’s credit card or steal personal information. In addition, scammers may try to take advantage of people seeking technical support by pretending to be from a reputable company and offering to fix a non-existent issue in exchange for money or personal information.