To help businesses overcome this barrier and tap into the potential of AI, KPMG published its gen AI playbook, AI & generative AI in functional transformation. The publication strives to serve as a guide for businesses planning to leverage gen AI to drive functional transformation and identifies potential disruption opportunities within operational functions.

Majid Makki, Partner — Head of Management Consulting and Technology Advisory, KPMG in Kuwait, said, “We understand that core organizational functions are the biggest catalysts of gen AI implementation, given the crucial roles they play. That’s why, through this guide, we wanted to call attention to the areas where gen AI could serve as a transformative force as well as highlight the challenges that could affect the foundation of trust.”

According to the KPMG 2023 global tech report, 57% of the respondents believe that gen AI will help them fulfill short-term business goals over the next three-year horizon. This is considering that embedding gen AI capabilities can significantly enhance process efficiency and speed by automating redundant tasks and those that may require human intervention. While the finding suggests a willingness to explore implementation possibilities, led by businesses’ needs to increase profitability, improve compliance and enhance consumer experience, the guidebook stresses that the effectiveness of gen AI relies on the quality of the underlying data and well-engineered prompts.

KPMG’s practical guide also points out five enabler categories that could be integrated into six key functions, i.e., Marketing, sales, service and commerce, Procurement, Supply chain management, Finance, HR, and IT management. The enablers are: (i) content and insight generators; (ii) information extractors; (iii) smart chatbots; (iv) language translators; and (v) code generators.

What kind of functional transformation can businesses drive with AI?
Illustrating the power of AI, the publication clarifies that organizations could leverage it to automate, optimize and transform procurement functions. This could, in turn, elevate sourcing efficiency and bring about dynamic contract lifecycle management, resulting in streamlined procurement decisions and enhanced contract management. As for supply chain management functions, businesses could ensure advanced predictive planning and automated quality assurance through AI-powered integrated planning and scenario modelling and AI-enhanced quality management.

KPMG’s guide further underscores that finance should be at the center of gen AI adoption across organizations, harnessing AI to make for cross-functional commentary and contract generation and review. This would not only drive improved understanding of financial performance but also reduce the levels of financial risk across an organization.

Furthermore, IT management functions could employ AI to maximize availability to users and reduce security incidents, HR functions to streamline onboarding processes and matching learning to employee requirements, and Marketing, sales, service and commerce functions to improve personalized and targeted marketing reach as well as engagement levels.

Overall, this practical guide explores 30 emerging use case opportunities that gen AI offers an organization’s front, middle and back office to enhance the human experience — either as customers, suppliers, or as employees.

“AI isn’t independent of systems. It goes hand in hand with existing business models, technology platforms, governance frameworks and service delivery models, impacts people’s roles and helps bring about positive change across critical business processes,“ adds Majid. He explains that for gen AI to provide maximum value to an organization — be it global or Kuwaiti, it should be implemented and integrated in the way that’s right and within crucial operational functions.

The guidebook underlines that while AI is moving quickly, the user interface and new content creation capabilities of gen AI make it relevant to a wide range of organizations and business functions. To keep pace with it, business leaders must consider how they can think and act faster with respect to how they can leverage the technology better.

To download the guide and to learn how KPMG Advisory can help you implement AI in your businesses, visit: kpmg.com/kw.

The post How to drive functional transformation with AI appeared first on My Startup World - Everything About the World of Startups!.

In today’s competitive market, staying ahead of the curve is crucial to using essential cutting-edge technology for restaurants to thrive. Modern technology is transforming every facet of the restaurant business. From automating tasks with robotics to utilizing software for inventory management and customer service, these solutions empower restaurants to operate more efficiently and profitably, reshaping the entire industry.

Nowadays, new restaurants, ghost kitchens, and virtual food brands are popping up at every corner, making our industry the most competitive it has ever been; using the right tech is the way to reduce financial waste and elevate financial efficiency in the coming years.

Consolidating tech into a Comprehensive Solution
While tech integration is crucial, it shouldn’t burden restaurants with excessive costs or complexity. Many restaurants make the mistake of overinvesting in new software and even hardware solutions without first analyzing their needs, goals, and focus areas.

For example, one of the major focus areas for any growth-oriented restaurant would be to consolidate its tech and use a solution to seamlessly aggregate online orders, manage menus, track data, and reduce redundancy across your Point-of-Sale (POS) system.

This streamlines workflows and provides a unified overview of all incoming orders, especially for restaurants with multiple sales channels.

Always aim for a lean tech operation where you use only a handful of critical tools that provide as much bang for your buck as possible.

Protection of Revenue: Reducing Failed Orders
One of the critical aspects of financial efficiency in restaurants is reducing failed orders. This not only affects revenue but also customer satisfaction and loyalty. Having a solution that seamlessly integrates all your equipment, from online ordering systems to kitchen appliances, helps in reducing errors and ensuring orders are fulfilled accurately and on time.

By leveraging technology to streamline order processing, track inventory in real-time, and minimize manual errors, restaurants can protect their revenue by avoiding costly mistakes that lead to dissatisfied customers and lost sales opportunities.

Moreover, implementing predictive analytics and machine learning algorithms can further enhance order accuracy and reduce the risk of errors, contributing to improved revenue protection and customer experience.

Financial Tracking: A Cornerstone for Success
Effective financial management is paramount. Beyond tracking revenue and sales, restaurants require meticulous expense management and year-round financial analysis.

Financial monitoring and meticulous analysis are the foundational pillars of data-driven decision-making in this business, giving you a competitive edge. It all starts with the right accounting software that will provide you with a comprehensive overview of your accounts receivable and accounts payable, along with detailed reports.

This software should provide comprehensive overviews of accounts receivable and payable and detailed, granular reports – both at the micro and macro levels – to identify seasonal and annual cash flow trends.

Using Technology to Optimise Labor Costs
Everything is becoming more expensive. From logistics, food, packaging, equipment, and compliance to labour, training, and talent retention, restaurant owners desperately seek ways to cut their expenses.

Task automation is key to optimizing labor costs in restaurants. By automating repetitive tasks such as order processing, inventory management, and reporting, staff can focus on higher-value activities like customer service, menu innovation, and strategic planning.

Automated scheduling tools can also help in optimizing labor allocation based on demand patterns, ensuring adequate staffing levels without unnecessary overtime or understaffing situations. This not only improves operational efficiency but also enhances employee satisfaction and reduces turnover rates.

Investing in staff training on using these automated tools effectively can further maximize their impact on labor cost optimization and overall business performance.

Investing in the Future
The restaurant industry is becoming more competitive than ever, but that doesn’t mean that small businesses or up-and-coming brands can’t build long-term success and stability. However, by embracing technology for operational efficiency, cost optimisation, and strategic growth, restaurants of all sizes can thrive with this competitive edge in 2024 and beyond.

The post How to use technology for optimising efficiency in restaurant business appeared first on My Startup World - Everything About the World of Startups!.

Navigating this transformative landscape requires entrepreneurs to embrace strategic measures that lay the groundwork for their online success. As we delve into the crucial steps of establishing a thriving online store, let’s first explore the foundational aspect – the selection of a compelling domain name.

Step 1: Building Foundations for Success with a Domain Name
The journey to a successful online store begins with the careful selection of a domain name, mirroring the importance of a physical storefront’s signage. A memorable domain name serves as the digital identity of a business, enhancing brand consistency and aiding in search engine optimization (SEO). entrepreneurs can use GoDaddy’s domain services [ae.godaddy.com/domains] to find a domain that resonates with their brand.

Step 2: Building Trust with a Professional Email Address
With a memorable and relevant domain name secured entrepreneurs can also build credibility by using a professional business email address tied to their domain name (example: info@yourdomain.com). This helps build trust with customers and enhances the legitimacy of selling online, demonstrating professionalism across all business channels.

Step 3: Customer Convenience Reigns Supreme
In the realm of e-commerce, convenience for the customer is paramount. Offering a diverse range of payment and shipping methods, transparent shipping information, and clear policies, including exchanges and returns, can help to improve customer satisfaction and stop items from being left in the digital ‘cart’. Offering payment options like credit cards, debit cards, and online wallets caters well to UAE customers.

Step 4: Security Protections Assurance
Security is paramount in online transactions. SSL certificates for websites provide essential encryption for customer data, establishing trust by authenticating the website’s identity and securing data exchange. The adoption of HTTPS protocols is important in today’s digital market, aligning with the UAE’s commitment to cybersecurity protections. As entrepreneurs embark on establishing their online presence, incorporating security services, such as those offered by GoDaddy, becomes an integral part of fortifying the trust and reliability essential for successful e-commerce ventures.

Step 5:  Design for Seamless Shopping
User experience design is a cornerstone of success. Online stores should prioritize ease of navigation, display quality visuals, and bring a responsive design for convenient shopping across all devices. Streamlining the checkout process, offering guest checkouts, social media login integrations, and showcasing customer reviews are strategies to help keep UAE users engaged.

Step 6: Responsive Customer Service offers a Lasting Impression
Finally, expert and available customer service can be key to keep customers coming back. Providing accessible contact information and diverse communication channels, including professional email addresses, phone numbers, contact forms, and live chat, helps to convey reliability and responsiveness in line with the expectations of customers in the UAE.

In summary, entrepreneurs can capitalize on the growth of e-commerce by starting with a strong domain name, using professional email for email communication, considering strong visual branding, offering a selection of payment and shipping options, enable security protections, ensure a smooth user experience, and offer easily available customer service. These six elements can serve as the bedrock for launching online ventures for future growth.

The post How to run a successful ecommerce business appeared first on My Startup World - Everything About the World of Startups!.

As the festive season approaches, we’re all looking forward to being pampered by our friends and family. Increasingly, this means our stockings will be full of technology come the big day. This could mean anything from a fitness tracker to a laptop; a smartphone to a connected baby monitor. The bottom line is that we’re all rampant users of smart devices. For example, more than half of Europeans use an internet-connected TV today, a quarter (26%) use smartwatches and other wearables, and a fifth (20%) are fans of internet-connected gaming devices.

But with our embrace of smart devices comes added risk. Our loved ones may not have been paying much attention to the small print when they hit “purchase” on our presents. So the pressure’s on all of us to ensure our dream holiday gift doesn’t turn into a security nightmare.

What are the risks?
The level of risk you’re exposed to will depend on the type of device you’re opening on Christmas Day. But there are some common issues that can put your online accounts and personal and financial data in peril:

• The product contains unpatched software of firmware. This could enable hackers to exploit vulnerabilities in attacks to achieve a variety of goals.
• The factory default password for the product is easy to guess/crack and the product doesn’t require the user to immediately update the password. This could allow an attackers to hijack the product remotely with relatively little effort.
• There’s no two-factor authentication (2FA) enabled by default, which could make it easier for hackers to hijack the device.
• There’s no device lock enabled, putting the device at risk if lost or stolen.
• The privacy settings are not secure enough out of the box, lead to you oversharing personal data with advertisers or potential malicious entities. This is especially troubling if it is a children’s toy.
• Certain settings such as video and audio recordings are enabled by default, putting your child’s privacy at risk.
• There’s no encryption on the account creation and login process, exposing usernames and passwords.
• Device pairing (i.e., with another smart toy or app) is done vie Bluetooth with no authentication required. This could enable anyone within range to connect with the toy to stream offensive or upsetting content or send manipulative messages to your child.
• The device shares geolocation automatically, potentially putting your family in physical danger or at risk of a burglary.
• There’s no security software on the device, meaning it’s more exposed to internet-born threats that could steal data or lock down the device.

The challenge is that in many parts of the world, there’s no legal mandate for manufacturers, distributors and importers to sell secure internet-connected products. By exploiting poor vendor design and limited attention to security best practices, malicious hackers can carry out a range of attacks to hijack your devices and access data stored on them. This could include logins to some of your most sensitive accounts, like online banking.

Alternatively, the device itself could be remotely controlled and conscripted into a botnet of compromised devices designed to launch attacks on others, including DDoS, click fraud, and phishing campaigns. Threat actors might also look to lock your device with ransomware and demand a fee for you to regain access. Or they could download adware, which floods the device screen with ads, making it virtually unusable. Meanwhile, limited privacy protections may lead to data on you or your family being shared with advertisers and other parties.

Ten ways to secure your gadgets
With the above in mind, follow these tips to keep your and your family safe from cybersecurity and privacy risks this holiday and beyond:

1. Ditch the defaults and instead secure each gadget with a strong, long and unique password on set-up.
2. Wherever there is an option, switch on 2FA for added login security.
3. Only visit legitimate app stores when downloading apps to your device.
4. Never jailbreak devices as this can expose them to a slew of security risks.
5. Ensure all software and operating systems are up to date and on the latest version. And switch on automatic updates where possible.
6. Change the device settings to prevent any unauthorized pairing with other devices.
7. Disable remote management and Universal Plug and Play (UPnP) where available and ensure the device is registered and receiving updates.
8. Back up data from your devices in case of ransomware or other threats.
9. Keep any smart home devices on a separate Wi-Fi network so that attackers can’t reach your most sensitive information.
10. Wherever possible, install security software on the device from a reputable vendor.

Let’s all have a safe and happy festive season. And next time you buy a gadget for a friend or relative, take a bit of extra time at the research stage to ensure it gets good ratings and reviews for security and privacy. It might save them quite a bit of time on Christmas Day and beyond.

The post How to secure your gadgets this holiday season appeared first on My Startup World - Everything About the World of Startups!.

Mentoring is nothing new. This valuable tool has been used by the world’s most successful organisations to improve productivity in the workplace for years. Around 85% of US Fortune 500 companies use mentoring, and recently, we’ve seen an increase in the number of entrepreneurs and individuals choosing to work with a business mentor. There are many studies that demonstrate the positive impact of mentoring on the start-up world. According to the Small Firms Enterprise Development Initiative, 70% of small business owners who receive mentorship make it through the first five years successfully; that’s twice the rate of those who don’t work with a mentor. Elsewhere, Mentorcam reported that entrepreneurs who receive guidance from an experienced mentor increase their annual revenue by an average of 83%.

As a founder, getting external guidance from an experienced and accomplished business owner can make a huge difference, not only for the success of your business, but also to help you handle the personal ups and downs of entrepreneurship. When you’re starting out there are so many things to learn. Having a mentor will help you avoid some of the common pitfalls by listening to someone who has been there before. That said, you’ll obviously want to keep a close eye on your expenses in the early days, which means maximising your investment and making sure the mentor relationship is as effective as possible.

When is the right time to get a mentor?
It’s common for entrepreneurs to wait until they reach a certain stage in their business journey before they seek support. The right timing depends on many different factors. However, in general, I would say the earlier the better. Getting a mentor onboard from the beginning can save you significant time and money in the long run if it makes you more efficient and stops you making costly mistakes. When you’re so focused on a particular goal, it’s easy to miss things and a second opinion can provide perspective. In my experience with clients, it’s a fairly even split. Around 50% come to me with an initial business idea. The other half are more established, but they’re stuck with a certain aspect or struggling to achieve the next stage of growth.

Feeling stuck is actually one of the biggest signs you need a mentor who can give you the motivation, encouragement, and practical advice to move forward. Other signs would be if you have an idea but don’t know where to start, or if you haven’t seen any business growth in the last six months.

What can a mentor help with?
Broadly speaking a business mentor can help you navigate the challenges of entrepreneurship, identify opportunities for expansion, and develop practical strategies to achieve your goals. They can provide guidance in areas like marketing, sales, operations, finance, human resources, and personal and professional skill development. Another big bonus is that mentors often have extensive networks, which they can leverage to provide introductions and opportunities for collaborations and partnerships. This is especially useful if you are entering a new market or branching out into a fresh sector.

There is also the less tangible, but no less important side to mentoring, i.e. encouraging you to stay motivated and focused on your goals. Being a business owner can be lonely and a mentor will serve as an impartial sounding board, offering guidance during difficult times. They can also help you develop your confidence and overcome limiting beliefs to unlock your full potential.

Making the relationship work
There’s no one size fits all when it comes to choosing a mentor, but one of the biggest factors is connection. Do your research to find someone who’s background is aligned with your own vision and ask for a discovery call to make sure you have a good rapport. Likewise, how the relationship pans out is very individual. Some people choose to have a package of four sessions and feel like it’s enough to get over a specific hurdle. Whereas, others enjoy having continuous support and someone to bounce ideas off on a regular basis.

It’s crucial that you take responsibility for the results and don’t be afraid to voice any concerns or highlight things you would prefer to do differently. Usually you will develop an action plan together and it’s up to you to spend time in between sessions working on any scheduled tasks. That way, you will be ready to tackle the next steps in the following session. Ask plenty of questions and tap into your mentor’s network to make valuable new connections.

Committing to your personal and professional development is one of the most valuable things you can do as an entrepreneur. When you set time aside for your own growth, you’ll soon see the returns for your business.

The post How to get the most out of your business mentor appeared first on My Startup World - Everything About the World of Startups!.

With so much focus on social media and digital engagement, many entrepreneurs today forget the power of tactical marketing. Or, perhaps it’s they choose not to make the effort. Either way, it’s a mistake. Once you understand why tactical marketing works so well, you’ll be convinced by this effective and affordable way to grow your business.

What is tactical marketing?
First, let’s define what we mean by tactical marketing. Whereas content marketing relies on distributing information online, tactical marketing means reaching your customers through direct channels e.g. post, email, or phone. You have to be highly targeted and have a clear strategic plan with actionable steps. You should also use available data to analyse what worked and what didn’t, then adjust.

It’s not that content marketing doesn’t have a place; you should communicate in different ways. However, with content marketing, you don’t really know who sees what you put out there. You spend a lot of time developing blogs and social posts etc, only to hope they get read by the right person and don’t get buried by algorithms.

When you take the tactical route, you start by drawing up a list of specific people who would benefit from your product or service. This list should include their full name and contact details. Once it’s ready, decide what you’re going to send them through which channels, what message will resonate the most, how it should be designed, and what the call to action is.

Why is it so effective?
Tactical marketing demonstrates that you really understand your customers and know how to solve their problems. Always ask yourself: Can I help this person? Do I have what they need? Can they afford me? If the answer is yes, half the battle is won. You can be confident that you’re communicating with people who want what you offer, and you control the interaction throughout.

By sending a thoughtful gift, for example, your message will land straight in someone’s lap. Sending something physical by courier is a surefire way to be remembered because it’s so rare these days. Marketing has become a lazy person’s game and the majority of your competitors aren’t willing to do what it takes to stand out. Instead, they’re probably spending hours on social media posts or WhatsApping unverified contacts.

Being tactical is time-consuming, but it’s time well spent. If you make it a priority and target your ideal customers this way, there’s little chance of failing.

Creating a plan
When you’re ready to explore the opportunities of tactical marketing, put a plan together using the following steps:

• Develop your Dream List. Start with around 20-30 targets to keep it manageable. The important thing is to make sure they are relevant and need what you offer. Look at who you currently work with – do you enjoy working with them? Is it lucrative? If so, broaden the net based on their sector, gender, age bracket, attitudes and budget. Also add people you’ve always wanted to work with – as long as they fit the bill.
• Identify their ambitions and challenges. Consequently, what hurdles can you help them overcome?
• Now decide how you can capture their attention and bring your solution to life in a creative way. Always emphasise what problem you are trying to solve in your storytelling. You can choose one or a combination of channels.
• If you plan to send something physical, what’s the execution? How will you get it to them? Ensure the development of your idea and the logistics align with your budget.
• Schedule your follow-ups. You can’t expect customers to reach straight out, which is why follow ups are crucial to seal the deal. It usually takes two or three types of outreach to get a response.
• Do you plan to follow up by phone? You may send something else at a later date. Or shortly after they receive a gift, you can send them an emailer. Put these people on your mailing list, so you can stay in touch and keep communicating long-term. Even if they don’t bite straight away, you’ll stay top of mind when they’re ready to move forward.

The post How to create a tactical marketing plan appeared first on My Startup World - Everything About the World of Startups!.

“The summer holiday season presents a unique opportunity for businesses to capitalize on increased consumer activity and drive their growth,” highlights Selina Bieber, Commercial Strategy Senior Director, International Markets at GoDaddy. “By implementing the right strategies and leveraging the appropriate tools, businesses can effectively differentiate themselves from the competition and maximize their success during this vibrant season.”

In line with GoDaddy’s commitment to supporting Dubai’s entrepreneurial ecosystem, a curated set of strategies and tools has been developed to empower businesses in seizing this seasonal momentum and achieving outstanding results.

Here are four essential tips to help businesses thrive during Dubai’s summer holiday season: 

1. Tailor Marketing for Summer Vibes
To capture the attention of consumers during the summer holidays, it is crucial for businesses to align their marketing efforts with the season. Incorporate themes that resonate with the summer lifestyle, such as beach activities, travel, outdoor adventures, and leisure. By tapping into the spirit of summer, entrepreneurs can create engaging and relatable content that attracts customers and encourages them to make a purchase. 

2. Offer Summer-specific Promotions
Take advantage of the summer holidays to create irresistible promotions and discounts tailored to the needs and desires of your target audience. Whether it’s offering special summer packages, limited-time discounts, or buy-one-get-one-free deals, enticing offers during this period can incentivize consumers to choose your brand over competitors. Implement clear and compelling calls-to-action in your marketing materials to drive urgency and prompt immediate purchases. GoDaddy’s integrated e-commerce solutions make it easy for businesses to set up online stores, manage inventory, and run promotional campaigns to drive sales. 

3. Enhance the mobile user experience
With the increasing reliance on smartphones, it’s essential for businesses to ensure a seamless mobile experience for their customers, especially considering the digital landscape in the UAE. In fact, according to the GoDaddy MENA Small Business survey, the UAE has a relatively higher proportion (11%) of businesses acquiring “more than 70%” of their customers using online channels compared to other markets. To cater to this growing trend, optimize your website and online platforms for mobile responsiveness, fast loading times, and intuitive navigation. By streamlining the mobile experience, you enable customers to explore and purchase your products or services effortlessly, regardless of their location or device. With GoDaddy’s responsive design options, businesses can rest assured that their websites look great and function flawlessly on any device. 

4. Optimize Local SEO
Ensure that your business ranks prominently in local search results, particularly considering the digital environment in the UAE. Amongst digital tools, social media channels are currently being used the most, especially in the UAE with a significant 71% usage rate. The website is the next most utilized digital tool. During the summer holidays, both tourists and residents actively seek local attractions, dining options, and entertainment venues. By optimizing your website, Google My Business listing, and online directories with relevant keywords, location-specific content, and positive customer reviews, you can increase your visibility and attract more foot traffic to your physical store or website. Local SEO is a powerful tool to target customers actively seeking summer holiday experiences and aligning it with the predominant digital tools used in the UAE enhances your chances of success.

The post How to drive business growth in summer holidays appeared first on My Startup World - Everything About the World of Startups!.

It’s no surprise that cryptocurrency trading is peaking in the UAE as the country positions itself as a crypto-friendly hub. Just like investing in real estate and the stock market, investing in cryptocurrency too is now being considered as an alternate revenue generator for many.

Although there always has been an air of scepticism around crypto credibility and authenticity, people’s curiosity on crypto high-returns has compelled them to understand and learn what it is and how it works. But, with good, comes bad. And, you cannot dismiss the security loopholes in cryptocurrency, or worst, it being used by scammers to trick people and commit financial fraud.

Recently, stories of people falling victim to romance scams, which eventually turn into financial fraud, have been all over the news. In the course of their interaction with the scammers, the victims were instructed to transfer large sums of money to dodgy crypto trading platforms in the promise of high profits. While it appeared that the victims were earning profits over their investments, in reality, they were being conned in millions.

If this is unimaginable, scammers have also started to steal cryptocurrency from Twitter users. Scammers have been sending direct messages with login credentials for some cryptocurrency accounts to Twitter users, asking help to withdraw money from them.

When such situations arise, there is only one question to be asked. Is there a way out?

There are certain things people can pay attention to before or during investing in crypto.

• Only invest in things you understand: If it’s not clear to you how a particular cryptocurrency works, then it’s best to pause and do further research before you decide whether to invest.
• Take your time: Scammers often use high-pressure tactics to get you to invest your money quickly – for example, by promising bonuses or discounts if you participate straightaway. Take your time and carry out your own research before investing any money.
• Promises of guaranteed returns: No financial investment can guarantee future returns because investments can go down as well as up. Any crypto offering that promises you will definitely make money is a red flag.
• Protect your wallet: To invest in cryptocurrency, you need a wallet with private keys. If a firm asks you to share your keys to participate in an investment opportunity, it’s highly likely to be a scam. Keep your wallet keys private.
• Only download apps from official platforms: Although fake apps can end up in the Google Play Store or Apple App Store, it is safer to download apps from these platforms than elsewhere.
• Use reliable security tools: Using solutions like Kaspersky Premium can help spot suspicious links and block access to fraudulent sites and act as the first line of defence.

Sadly, crypto scammers thrive on the fact that even vigilant people are human and sometimes fall for a well-crafted bait – especially when it has to do with money. With the crypto market making noise about being a lucrative avenue for investment and the high-returns investors can expect, people tend to not second-guess when someone offers help. This is where security solutions come in handy to highlight the dangerous red flags.

The post How to avoid getting caught up by crypto scams appeared first on My Startup World - Everything About the World of Startups!.

Today’s consumers have a wealth of choice when it comes to paying and sending money online. A range of slick digital payment apps have emerged over recent years to make the whole process as seamless as possible for end users. But they’re not the only ones who are winning.

Unfortunately, scammers have also found apps like Cash App, Zelle and Venmo to be fertile hunting grounds.

The story so far
Venmo began life back in 2009 as an SMS-based tool which gave its founders a handy way to send each other money, without having to use cash or checks. Now a part of PayPal, it’s a fully-fledged digital wallet and payments service that allows users to send and receive funds quickly, easily and free of charge – via connected bank accounts. It processed an estimated US$230 billion globally in 2021.

However, unlike card payments, users aren’t protected if they accidentally pay a fraudster. Once the money has been transferred, it’s difficult to recoup. That makes it important for users to spot the warning signs of fraud before it’s too late.

Common Venmo scams to watch out for
Venmo scams can take many forms. Some are linked to other fraud types like romance scams. Others might involve fake links, or attempts to steal not only money but also personal information. Here are among the 10 most common at the time of writing.

1. Fake prize/giveaway
A fraudster sends an unsolicited email or text message claiming the recipient has won money from Venmo. Sometimes they may be asked to take a fake survey in order to receive the winnings. Whatever the lure, the link attached to the message will usually take the victim to a phishing page designed to elicit personal and Venmo login details.

2. Purchase scams
For online buyers, especially those looking for items in high demand, there’s also plenty to beware of. One of the simplest scams is for a fraudster to persuade the victim to send money (or part of it) without delivering the item in question. They may even share fake screenshots purporting to show the item has been delivered. The scammer might also ask the victim not to mark a payment as a purchase. Doing so will enable the victim to qualify for Purchase Protection if an item isn’t delivered.

3. Payment error
The victim gets a note out of the blue from a stranger saying they have accidentally been paid. They will ask the victim to send the money back. However, the original money has usually been paid via stolen card details. So when the real cardholder finds out, they will request a chargeback and that money disappears from the victim’s account.

4. Impersonation/money request
Fraudsters sometimes impersonate victims’ friends, using info from their public feeds including profile pics, to make payment requests. They will usually add some kind of time pressure to force payment, such as pretending the friend has been caught out and about without any cash and urgently needs a quick Venmo payment.

5. Venmo phishing
In one variety, a fraudster manages to log into the victim’s Venmo account, perhaps by buying their username and password from a dark web site. However, they can’t get past the two-factor authentication (2FA) stage. That’s why they’ll call, pretending to be a member of the Venmo team and requesting that the user provides the MFA one-time passcode they will have received. The victim has just fallen prey to vishing.

Let’s not forget about the classic phishing scam where the mark receives a notification out of the blue to say that there’s a problem with their account and they need to act promptly to fix it.

6. Pyramid scheme/money circle/cash wheel
There are various names for this scam, but they all amount to the same thing. The victim receives an unsolicited offer claiming that if they send a small amount of money via Venmo, the scammer will “flip” it into a sum worth many times more and send it back. They may impersonate one of the victim’s contacts to add legitimacy to the preposterous claim.

7. Fake payments
If users are trying to sell an item online, such as via Facebook Marketplace, scammers may try to use Venmo to trick them into believing a payment has already been made. This might include a fake screenshot purporting to confirm the payment. Or the scammer may pay using stolen card details, which means the payment is subsequently removed from the victim’s Venmo account. They may even try to trick the victim by telling them the Venmo payment will only be confirmed once the item is sent, and shipping details uploaded to the app.

8. Check scam
A victim is trying to sell an item on an online marketplace. The scammer sends a check for more than the agreed sum, and then requests the extra be returned to them via Venmo. The check will usually bounce, meaning the victim is down the item and the money that they sent.

9. Tricks by bogus suitors and sugar daddies
Using fake profiles, romance scammers cultivate relationships with lonely hearts on dating sites, and then move the conversation on unpoliced channels like WhatsApp. After a few weeks of building trust and affection, they will usually request the victim sends them money for a made-up emergency, such as hospital bills or airline tickets. Fake sugar daddies or mommas have similar tricks up their sleeves, too.

10. Rental deposit scam
Scammers advertise properties for rent using scraped pictures and information. The property will usually be offered at a price far under the market rate, attracting numerous enquiries. The victims will be asked to pay a holding deposit via Venmo before they’ve even seen the place.

How to stay safe on Venmo
Venmo offers various security protections for its users, including data encryption, account monitoring, 2FA and account PIN codes. However, this doesn’t always protect users from the fraud scenarios we’ve painted above.

Make sure to take the following precautions:

• Only send and receive money from people you know and trust.
• If you receive an odd request from someone you know, double check with that person to confirm the message was authentic.
• Don’t click on any links in unsolicited messages.
• Keep your Venmo transactions private so that they’re visible only to the sender and recipient. To choose this option, you may need to go to ‘Settings’, tap on ‘Privacy’ and change your ‘Default Privacy Settings’ accordingly.
• Choose a strong and unique passwordfor your Venmo account and switch on 2FA.

Venmo also offers a contact form for users who have received a request they aren’t sure about, and a mechanism to report suspected scams. Make sure to stay alert to fraud when using Venmo.

The post How to secure yourself from Venmo scams appeared first on My Startup World - Everything About the World of Startups!.

Thanks to a decade or more of big-name data breaches, global privacy scandals and consumer rights legislation like the GDPR, we’re all more aware of cybersecurity and privacy issues today. And now that many of us are working more from home and our personal and work lives have begun to blur, the stakes have raised somewhat. No-one wants to end up in front of HR because their reused passwords were stolen and used to hack a corporate database, for example.

Our personal data is of great value not just to advertisers and data brokers, but even more worryingly, to cybercriminals. Unfortunately, there are many ways for nefarious individuals to get hold of it. They could use phishing attacks to target us directly. They may hide info-stealing malware in mobile apps, gaming torrents or other legitimate-looking software. Or they might use previously breached data to obtain our credentials and hijack our accounts. When it comes to advertisers and data brokers, much of the data slurping and selling is done silently in the background, often thanks to third-party cookies for better ad targeting or user experience.

Understandably, many of us want to mitigate the impact of these threats. So why not give the gift of better security and privacy and help your loves ones make some practical steps towards better protecting their personal information online?

But let’s first mention something that is a must these days and surely you have it covered already: comprehensive security software. You know by now that you and your family should use a security solution from a reputable provider on all your devices. Smartphones and tablets – which have been among the most popular holiday tech gifts for a while now – also need comprehensive protection from device-, network-, web- and app-based threats. If a device is connected to the internet, then there’s a possible risk malware could find its way onto it. And once on there, the malware could be used to steal your data, lock down your machine for extortion, or for other nefarious ends.

Now onto a few less obvious ideas for gifts for your relatives – or even for yourself! Admittedly, not all of the below will be the ideal fodder for a traditional Christmas list – not least because some are free to use or difficult to buy or gift-wrap for others – but each is worthy of your attention. Or perhaps just think of it as a list of things to add to your cyber-hygiene practices, on top of these bad security and privacy habits you could consider shedding in the new year?

• Secure Wi-Fi router: All of us have a wireless router in our homes, but we’re probably using one provided by our ISP. Many of these leave a lot to be desired when it comes to security, for example, not accepting long and strong passwords, failing to notify when critical updates are available, or having ‘things’ like UPnP or WPS enabled. A better option would be to choose a small business router designed for security and if possible, consider setting up a virtual private network on it and so avoid installing a VPN on each device. Which brings us to the next point…
• Virtual private network (VPN): These handy tools reroute your traffic via a secure encrypted tunnel so that the site you visit can’t identify you. A VPN is useful for enhancing privacy and security – blocking ISPs, government spooks, hackers and advertisers from spying on you – and is particularly important if you’re out and about using public Wi-Fi networks. However, not all VPNs are created equal. Free services may sell your data to make money, while those with servers located in specific countries may pressure the provider to hand over data. Independent research is required to find the right choice.
• Password manager subscription: Many of us have so many accounts and apps online today that we need to use easy-to-remember passwords, and often share the same credentials across multiple accounts. The problem is that if just one of these ends up in the hands of hackers, it may imperil all of them, as the bad guys can use automated “credential stuffing” tools to try and unlock your other accounts protected with the same password. With a password manager you can easily create and store unique and strong passwords or passphrases for each site. The manager will remember them for you, whereas all you need to remember is a single password called “master password”.
• 2FA hardware-based key: Two-factor or multi-factor authentication (2FA/MFA) offers protection from password-stealing threats by providing another layer of user authentication. Although dedicated MFA apps can also do this, another option is a physical hardware key like these. After enrolling it in each site you want to use, simply insert the key (usually into a USB port) to log in subsequently. If a criminal doesn’t have your key, they won’t be able to impersonate you.
• Laptop privacy screen: Hybrid working means more of us will be travelling to the office again. That means more opportunities for shoulder surfers to see what we’re typing on our way to work. A privacy screen is the obvious solution, only letting light filter out from the display at narrow angles, thus reducing the chances of in-person snooping.
• Webcam cover: Webcam hacking, also known as camfecting, isn’t unheard of. Cybercriminals or ‘just’ peeping Toms can hijack other people’s front-facing cameras through various means, including Remote Access Trojans (RATs) or vulnerability exploits. They could then use the stolen material or recordings for fraud or extortion, among other crimes. A sliding webcam cover can, therefore, come in handy. Other simple countermeasures involving placing a piece of tape over the lens when the camera is not in use, or unplugging the camera if it’s an external one.
• Privacy-enhancing email: Email was not originally built with security in mind. And now there’s a secondary risk: that the providers themselves are snooping on your data to sell to advertisers or share with government agencies. Once again, numerous alternatives to the main players have sprung up in recent years with a focus on security and privacy. That not only means messages are encrypted by default, but the providers make money from premium subscriptions rather than advertising, and are located in a country unlikely to share information with the US authorities if that’s a concern for you.
• Secure messaging apps: These are unlikely to be on many of our Christmas lists, given that the apps are usually free to use and difficult to gift wrap. But it’s worth checking the one you’re using is optimized for security and privacy and provides end-to-end encryption. That means even if government or law enforcers ordered a provider to turn over customer data, they could not. Ensure the feature is turned on, as it may not always be by default. While you’re at it, consider tweaking the app’s settings further for even better privacy and security.
• Anti-tracking software: As privacy concerns have grown among the populace, the market has responded with ad and tracking blockers. As the name suggests, they’re designed to protect your browsing activity from unwanted monitoring by ensuring any invasive or potentially malicious ads don’t appear on your screen.
• Pro-privacy search engine: Major search engine makers generate their profits by selling advertisers access to your search history, so that they can target ads. Many users will be fine with this level of intrusion if it means more relevant ads. For those who aren’t, there are plenty of alternatives now on the market – and they’re free and can, of course, be used from your regular web browser – or even from, for example, the Tor browser if you want to up the ante further.

Let this holiday season be also a time of security and privacy awareness. By taking small steps like those above, we can keep our information safer and make life harder for opportunistic fraudsters.

The post How to enhance security and privacy of gifts this holiday season appeared first on My Startup World - Everything About the World of Startups!.