Counterfeit social media accounts: A massive problem for business
Ignoring this problem or assuming that your business won’t ever be affected is akin to courting disaster.
Trust is the key ingredient that enables successful ecommerce initiatives and, indeed, most positive interactions between businesses and consumers that occur online. Without trust from its consumer base, any business would struggle to maintain, let alone enhance, customer satisfaction.
And, unfortunately, one of the chief causes of mistrust in the modern age is the threat of counterfeits. Counterfeit accounts can undermine even the most spotless business reputations. In fact, counterfeiters account for billions of dollars in lost revenue every year.
How do Counterfeiters Work?
It’s difficult to say exactly how counterfeiters operate because no two follow the exact same protocol. Some create fake accounts to lure unsuspecting customers into giving away sensitive information. Others may use multiple accounts to create “fan communities” to spread misinformation.
Still, some particularly adept digital criminals may even hack into official social media accounts. Regardless, the aim of these cyber criminals is to damage businesses reputation and profit as a result.
What Makes a Company Vulnerable to Social Media Fraud?
Again, it’s impossible to say exactly which company will be targeted by fraudsters and if/when that will happen. However, there are several factors that can increase the likelihood of a business falling victim to nefarious users online.
The first is the sheer size of a company. Small businesses are less likely to be targeted by criminals for several reasons. The smaller the company, the fewer opportunities for sabotage. After all, if a small company’s Facebook account is compromised, it’s likely someone at the company will notice it right away. This isn’t always the case at a large corporation though. And bigger companies also draw in many more potential customers.
Counterfeiters may also go after companies that have recently gone through a rebrand. Because consumers may not recognize a new logo or brand, it can be easier to fool them into giving away sensitive intel.
Protecting Your Brand
While corporations can’t prevent counterfeiters from trying to scam them or their customers, they can take strong measures to prevent them from succeeding. Web presence management software will enable a company to identify and monitor important points of presence online, for instance. And aligning corporate social media policies with local implementation will help maintain a solid brand presence that isn’t easy to counterfeit.
Of course, the key to fending off counterfeiters is to invest time and resources to do so. Ignoring this problem or assuming that your business won’t ever be affected is akin to courting disaster because as a company grows, it becomes more likely to be targeted by cybercriminals.
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