According to a report by the Financial Crimes Enforcement Network (FinCEN) released in July, financial institutions have incurred more than $9 billion in losses due to Business Email Compromise (BEC) schemes since 2016. With such staggering losses, businesses and even individuals can’t afford to ignore BEC attacks.What is BEC?BEC fraud involves cyber thieves posing as company executives or a business contact with the intention to commit wire transfer fraud or obtain sensitive information. The main targets are businesses working with foreign suppliers or a business that carries out regular wire-transfer [...]

The rise in the number of data breaches reported every other day has become a major concern – even to the ordinary internet user. As a result, we have all become aware of the need to maintain privacy while online. One of the measures promising to keep you safe on the internet is the use of a virtual private network (VPN). But before rushing to install one of the many VPNs available, it’s important to understand what a VPN is, why you need it, if it is foolproof and other [...]

Biometric technology has been on the rise as it promises to make the authentication process more secure and convenient. Unlike passwords and key cards, biometrics are something you will always have, can’t share and can’t forget. This makes the biometric approach convenient and at the same time it has lower password management costs.Biometrics also are said to be difficult to steal or hack; difficult, but not impossible.Any technology can have loopholes that can be exploited, and that’s why you need to understand it well and take precautions if you decide [...]

Accountants are no strangers to inventions. Known inventions such as the abacus, calculators and computers have helped complete tasks quickly and in less time. However, today’s technology is complex and is reshaping the world of accounting. Such new technologies include big data, cloud computing, artificial intelligence, block chain, payment systems, mobility and social collaboration, among many others.How Technology has Changed the Accounting IndustryAccounting, a traditional field, has not been immune to technological innovations. Initially, an accounting department would rely on IT leaders to make its technology decisions. Today, CFOs are [...]

There is a lot of new technology being used to automate functions and save money in large corporations, but many small organizations are shut out of those advancements. This is largely because of the cost, training, knowledge and resources it requires to take advantage of such new technology.But while small business owners might not be able to afford such advances, it’s good to keep up with what’s going on in the tech world – particularly innovations that can help a business owner automate processes and save money on personnel expenses.One [...]

One way to reduce the overhead associated with hiring workers is to make efficient use of technology. According to a recent survey by CompTIA, 73 percent of midsize businesses and 56 percent of firms with fewer than 20 employees say technology is a primary factor in pursuing their business objectives.BudgetingAccording to the 4Q 2018 survey, the average small/midsize business (SMB) invests anywhere from $10,000 to $50,000 a year on technology. About half (52 percent) of small business owners think they’re not spending enough on business technology.UpgradingThe largest share of small [...]

When it comes to smartphones, speed and connectivity is generally referenced by generation. For example, the industry is currently focused on creating 5G networks.However, in the cable industry the G refers to gigabits. Over the past two years, this industry has expanded the availability of 1 gigabit broadband Internet from 4 percent to 80 percent of U.S. households. Now that the foundation for gigabit expansion exists, the cable industry is looking to increase speeds by tenfold and make it accessible to more homes and businesses globally.The new focus is on [...]

There will likely always be a need for a traditional paper printer, but there’s also a growing case that 3D printers may one day become commonplace in the average small business office. Consider the way that desktop publishing became mainstreamed, allowing small business owners to create their own marketing materials. New 3D printers offer a similar advantage by producing physical objects customized with your message.3D printing places complex manufacturing techniques and machinery right at your desktop. As the technology grows less sophisticated and less expensive, we will see more small [...]

The 2019 Consumer Electronics annual tech convention in Las Vegas showcased popular new options for business owners looking to boost employee productivity. Check out some of this year’s favorites.LaptopsDell Latitude 7400 2-in-1The new Dell Latitude includes two innovative security features – a fingerprint reader and a contactless smart card reader. The 14-inch laptop combines an infrared camera with Windows Hello facial recognition software to unlock the device as a familiar user approaches. The new feature, called ExpressSign-In, also automatically locks the laptop when the user steps away. However, users might [...]

We often read about how technological advances such as artificial intelligence will someday be used for customer-facing jobs – even eliminating the human touch. However, small firms that rely on trust and personal relationships are not likely to benefit from these innovations. Nonetheless, technology – when used effectively – can enhance a firm’s efficiency and free up resources so that more human time is spent on customer interaction. Used in combination, technology and personal relationships can improve a company’s bottom line.One of the best ways to use technology is to [...]