BY IMPLEMENTING STRONG CYBERSECURITY PROTOCOLS, TRAINING EMPLOYEES AND VERIFYING ALL WIRE TRANSFERS, DEALERS CAN REDUCE THEIR RISK OF FALLING VICTIM TO SCAMS. ADDITIONAL MEASURES YOU CAN TAKE Strengthen Cybersecurity Protections • Keep all computer systems and security software up to date. • Require IT vendors to implement the latest security protocols. • Use multi-factor authentication (MFA) for email and financial transactions. Train Your Team • Educate employees on email scams and cybersecurity best practices. • Train staff to recognize phishing emails and avoid clicking on suspicious links. • Conduct routine checks to ensure employees follow security protocols. Monitor for Suspicious Activity • Regularly review email security and access logs. • Ensure employees use strong passwords and do not write them down or share them. • Monitor for unauthorized changes in financial transactions. Cyberfraud targeting auto dealers is not going away — and has only grown in recent years. Without proactive security measures, dealerships risk losing significant sums of money and facing massive liabilities. By implementing strong cybersecurity protocols, training employees and verifying all wire transfers, dealers can reduce their risk of falling victim to scams. vada.com 15
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