How To Protect Your Business with Security Tags

The digital systems and technologies available today have opened a world of opportunities for businesses in all industries. However, as enterprises become more reliant on technology than ever, new risks are around the corner.  In particular, today’s companies are highly exposed to threats such as identity theft and breaches of sensitive information which can lead to fatal reputation and financial blows. Even worse, according to official statistics by the SEC, over 60% of cyberattacks are directed at small businesses, and over 60% of companies that fall victim to data breaches go out of business within 6 months.  Luckily, ad hoc security tags integrated into end-to-end technology frameworks can help you strengthen your business’s security strategy and protect your company’s sensitive information. Learn how in this guide by Authena.

What Is Business Identity Theft?

Business identity theft represents a criminal attack aimed at stealing sensitive information about your company and can lead to severe financial losses and reputation damage.

According to official guidelines, identity theft attacks take place in a variety of ways. For example, bad actors can gain access to a business’s financial details such as banking information or tax identification number through phishing emails and cybersecurity attacks.

Once they are in possession of these details, thieves can open lines of credit or withdraw cash from the business’s bank accounts.

Other types of damage caused by identity theft include:

• Purchasing equipment and orders illegally
• Stolen employee banking information
• Filing fake documents with the authorities
• Attempting to change key company information, such as the owner’s name

Without a strong security strategy that allows you to track transaction information, identity theft attacks can go unnoticed for weeks or months, thus worsening the damage caused to the company.

What Are Security Tags?

Security tags are one of the most powerful tools companies can use to strengthen their security strategy. Standard security tags are physical locks or devices that allow companies to unveil a theft attempt through a detector. For example, security tags are often placed on luxury retail items to deter shoplifters and thieves.

However, thanks to recent advances in technology and the development of solutions that employ NFC solutions, companies can now design security tags that better fit their security needs and allow end customers to authenticate their products directly via their smartphones, both in shops and at home. 

For instance, NFC tags can be integrated into a product’s smart packaging, thus delivering real-time information about a product’s condition, location, transaction, and status. These smart labels can come in different shapes or forms and are designed to fit the brand’s specific marketing and security needs.

How Do Security Tags Work?

The way security tags work highly depends on the type of label, tag, or device a company uses. For example, traditional security tags are designed to activate a detector, often positioned at the exit or entrance of a retail shop.

However, more advanced, end-to-end technology solutions such as the ones developed by Authena offer an added layer of security. Indeed, custom-made NFC tags integrated in an end-to-end technology solution such as Authena Shield™ allow any moderns smartphone to retrieve authenticity and traceability information about products equipped with them. These transmit information about a product to a comprehensive user interface, which allows manufacturers and consumers to visualize information about the location and past journey of a product in real-time.

In particular, when these smart tags are applied to your company’s most valuable assets and products, your managers can verify their location and pinpoint a theft attempt before bad actors get the chance to cause damage to the company.

How To Earn and Use Security Tags

Although security tags are essential for businesses, finding the right technology solution for your needs might not always be straightforward. Indeed, some of the factors to consider before investing in a custom security tag strategy include:

• The type of products you need to secure
• The kind of information you are protecting
• The customer journey and experience you are looking to design
• The solutions adopted by competitors
• The number of items that need securing
• Your supply chain

If you are unsure about the kind of security tags that would work best for your needs, your best option is to partner with a security expert. Authentication specialists will guide you in the choice of the best security tags for your business’s needs and assist you throughout the implementation and troubleshooting process.

Best Identity Theft Protection Tags

As seen above, security tags represent important tools for business, but no two companies will benefit equally from the same solution. But while there might not be a “one-size-fits-all” solution for all enterprises, generally, the best identity theft protection tags include the ones that integrate technologies such as:

• Near-Field Communication (NFC)
• Blockchain and smart contracts
• IoT devices
• RFID (Radio-frequency identification)
• Geolocation tracking

These smart tags give companies the chance to track and trace their products across their journey through the supply chain and, eventually, to the end user. When choosing the right solution for your business, authentication specialists such as the Authena team can help you devise and implement solutions that are impossible to clone and are entirely customized to your needs.

When Should You Use Tags?

There is no single answer that allows you to know when you should start using security tags. However, generally, you should consider introducing product tracking technologies to secure your business’s information and protect it from counterfeiting when your company starts to scale up.

Indeed, as your business grows, your supply chain will expand, making it more difficult to track items through the distribution systems and protect the entire system from fraudulent actors.

Additionally, if you operate within high-risk industries (such as the luxury retail, FMCGs, and pharmaceutical sectors), you might choose to introduce more stringent security and tracking features from the very start.

How Can I Protect My Business From Identity Theft?

Protecting your business from identity theft should be an ongoing, uninterrupted effort. The best way to do so is through the introduction of end-to-end, blockchain-based security tag solutions that boast technologies such as NFC.

However, you can also take further steps to create a bulletproof security layer for your business. These include:

• Securing and monitoring sensitive files, both online and offline
• Only collect, save, and store essential information
• Keep information and data about your company up to date
• Keep software and systems up-to-date and well-maintained
• Maintain an information and data inventory
• Work with a cybersecurity specialist
• Store documents securely
• Invest in employee education and cybersecurity training
• Have a plan in place to fight data breaches and identity theft attacks

Partnering With a Security Expert at Authena

Identity theft and fraud can cause severe reputation and financial damage to your business, hindering your chances of closing future deals, gaining your audience’s trust, and achieving your growth goals.

Luckily, with the right security tag strategy in place, you can safeguard the most sensitive information about your business and protect your most valuable assets from fraud. Partner with security experts such as the team at Authena to craft and introduce a security tag solution tailored to your business’s unique needs.