Take a quick look around you, what exactly do you see? No, I am not the beautiful girl across the road! But seriously take a look at what social media has created and achieved. Ever stopped to wonder the amount of data that is shared all over the world and the billions of information at our finger tips? Records point to show that over 400 million tweets are shared, a little over 980 million contents are posted on Facebook alone (so many organizations placing their brands up for advertisement), and well over 40 million photos are also posted on Instagram all in one day! There exist a majority of people who take it upon themselves to believe that publicly placing one’s information exposes one to numerous dangers. The truth is, this can also be a way to fight it. C’mon think about it!
Many companies now understand the importance of social media and using it to measure risk while saving billions of dollars worldwide. It is no more front page news that fraudsters attempt and steal billions of dollars online each passing year. Fraudsters are well aware of the fact that to be “successful”, one has to limit the number of information they place online. The truth of the matter is that all companies are prone to online fraud, but small businesses seem to have it worst because they are more willing to share info about themselves than big, established companies does.
You can’t fake it!
If you have noticed, most social media forums require users to share more information about their person. Unarguably, one can create an account or profile pretty quickly, but as time goes on the social media would require you to share little bits of information. Having a successful and lively timeline or followers on twitter for example, would take months, if not years to build. Are you still in doubt?
Know your client
Any business company that puts their brand up on any social media would definitely have a review from a satisfied (or dissatisfied) customer. Somebody somewhere would have to comment on their profile or “like” their brand on facebook, for example. This can easily give you a clue as to whether the client you are dealing with is trustworthy or not. Going along to create such comments and reviews by themselves is tasking and time consuming for any fraudster. It you own an online payment business, social media would allow you the opportunity of opening an account without sharing unnecessary info about your money accounts. In a matter of minutes, one can review new client information and determine how legit they are. The process is relatively cheaper and faster to use than the conventional credit check run.