Business

Cybercrime is Sharply Rising: What Your Business Needs to Know

Published

4 years ago

April 29, 2021

Although large corporations are routinely hit by cyberattacks, small businesses are the number one target. Hackers know small business owners don’t usually have strong cybersecurity and routinely look for vulnerabilities to exploit.

Small business vulnerabilities aren’t hard to find, so if you want to protect your business, here’s what you need to know about cybercrime.

Cybercrime becomes a bigger threat each year

Numerous sources have reported an increase in cybercrime since the start of the 2020 coronavirus pandemic. These reports appear to be supported by the FBI’s 2020 Internet Crime Report. While cybercrime has been steadily rising for decades, there was a 69.4% rise between 2019 and 2020. That’s the sharpest yearly rise since the internet was born.

According to the FBI’s report, in 2020, cybercrime victims reported damages in excess of $4.2 billion resulting from phishing schemes, delivery scams, and ransomware. Considering not all incidents are reported, that’s an alarming amount of damages.

Delivery scams are growing

Although delivery scams have always been a problem, they’ve become more prevalent since the start of the pandemic. With millions of people out of work, some devised ways to cheat people out of money by selling fake goods or just not delivering on their promises.

If you’re going to buy expensive products for your business, make sure you research the company and check their reputation on review sites. For example, if you’re buying office furniture for your crew, check the furniture company’s reputation on Yelp, Google My Business, and Trustpilot. Popular companies, like BTOD, will usually have a profile available.

Don’t just make a decision based on the number of reviews or stars. Check into the negative reviews to see what happened and how the situation was resolved. For example, BTOD’s Trustpilot reviews demonstrate several instances of user error as well as the company’s willingness to make things right. Anytime a company is willing to make things right with the customer, you’re dealing with a company that has integrity.

However, if you read reviews from customers complaining about suspicious credit card charges right after making a purchase, it could be a sign of fraud or lax cybersecurity. Think twice about doing business with companies that have those types of reviews.

Why did 2020 become the biggest year for cybercrime?

There wasn’t anything exceptionally different about 2020 except for the pandemic. Cyber criminals were quick to take advantage of people’s fears surrounding the COVID-19 virus, which turned out to be fairly easy. The scams continued as more stimulus checks were being provided and people were desperate to get access to their funds as quickly as possible.

Unfortunately, many people fell for stimulus check scams involving fake checks, fake processing fees, and fraudulent cash advances.

Phishing scams were big in 2020

Some scam emails appear to be legitimate upon first glance, but contain links masked to look official. In reality, those links go to a webpage set up by a scammer and are designed to steal sensitive information. Often, stolen information is made available on the dark web.

It’s surprisingly easy to fall for a phishing scam. When a person doesn’t have any reason to suspect they’re being misled by an email, they won’t always notice when a link takes them to an unofficial webpage. Being focused on the task of logging in to resolve a problem tends to keep phishing victims busy enough not to look at the URL in their browser bar.

3 Tips for securing your business from cyberattacks

Cybersecurity requires more than checking tasks off a list. Here’s what you need to keep your business secure:

Automated threat detection

Your company’s network is only secure when it’s being monitored by automated software that can identify and isolate a threat before it penetrates far into the network. Automated threat detection software will handle this important need.

A strong IT security policy with enforcement

Creating security policies is important, but the strongest policy will fail when it’s not enforced. Make sure employees know what’s expected and don’t make any exceptions. You need a strict zero tolerance policy for violations. The minute you give employees more freedom than necessary, you’re opening yourself up to the potential for a security breach.

Up-to-date software applications

Software that hasn’t been updated is vulnerable to attack. Always install updates and patches as quickly as they’re released. If you use software that is no longer supported, you may need to find a new, supported application.

Hire a cybersecurity professional

No business is immune to cyberattacks. However, you can get pretty close with tight security, especially when you hire a professional IT security team.

Business

Derik Fay and the Quiet Rise of a Fintech Dynasty: How a Relentless Visionary is Redefining the Future of Payments

Published

1 week ago

October 17, 2025

Matthew Wiles

Long before the headlines, before the Forbes features, and well before he became a respected fixture in boardrooms across the country, Derik Fay was a kid from Westerly, Rhode Island with little more than grit and audacity. Now, with a strategic footprint spanning more than 40 companies—including holdings in media, construction, real estate, pharma, fitness, and fintech—Fay’s influence is as diversified as it is deliberate. And his most recent move may be his boldest yet: the acquisition and co-ownership of Tycoon Payments, a fintech venture poised to disrupt an industry built on middlemen and outdated rules.

Where many entrepreneurs chase headlines, Fay chases legacy.

Rebuilding the Foundation of Fintech

In the saturated space of payment processors, Fay didn’t just want another transactional brand. He saw a broken system—one that labeled too many businesses as “high-risk,” denied them access, and overcharged them into silence. Tycoon Payments, under his stewardship, is rewriting that narrative from the ground up.

Instead of the all-too-common “fake processor” model, where companies act as brokers rather than actual underwriters, Tycoon Payments is being engineered to own the rails—integrating direct banking partnerships, custom risk modeling, and flexible support for underserved industries.

“Disruption isn’t about being loud,” Fay said in a private strategy session with advisors. “It’s about fixing what’s been ignored for too long. I don’t chase waves—I build the coastline.”

Quiet Power, Strategic Depth

Now 46 years old, Fay has evolved from scrappy gym owner to an empire builder, founding 3F Management as a private equity and venture vehicle to scale fast-growth businesses with staying power. His portfolio includes names like Bare Knuckle Fighting Championships, BIGG Pharma, Results Roofing, FayMs Films, and SalonPlex—but also dozens of companies that never make headlines. That’s by design.

Where others seek followers, Fay builds founders. Where most celebrate their exits, Fay reinvests in people.

While he often deflects conversations around his personal wealth, analysts estimate his net worth to exceed $100 million, with some placing it comfortably over $250 million, based on exits, real estate holdings, and the trajectory of his current ventures.

Yet unlike others in his tax bracket, Fay still answers cold DMs. He mentors rising entrepreneurs without cameras rolling. And he shows up—not just with capital, but with conviction.

A Mogul Grounded in Real Life

Outside of business, Fay remains committed to his role as a father and partner. He shares two daughters, Sophia Elena Fay and Isabella Roslyn Fay, and has been in a relationship with Shandra Phillips since 2021. He’s known for keeping his personal life private, but those close to him speak of a man who brings the same intention to parenting as he does to scaling multimillion-dollar ventures—focused, present, and consistent.

His physical stature—standing at 6′1″—matches his professional gravitas, but what’s more striking is his ability to operate with both discipline and empathy. Fay’s reputation among founders and CEOs is not just one of capital deployment, but emotional intelligence. As one partner noted, “He’s the kind of guy who will break down your pitch—and rebuild your belief in yourself in the same breath.”

The Tycoon Blueprint

The playbook Fay is writing at Tycoon Payments doesn’t just threaten incumbents—it reinvents the infrastructure. This isn’t another “fintech startup” with a flashy brand and no backend. It’s a strategically positioned venture with real underwriting power, cross-border ambitions, and a founder who understands how to scale quietly until the entire industry has to take notice.

In an age where so many entrepreneurs rely on noise and virality to build influence, Fay remains a master of what can only be called elite stealth. He doesn’t need the spotlight. But his impact casts a long shadow.

Conclusion: The Empire Expands

From Rhode Island beginnings to venture boardrooms, from gym owner to fintech force, Derik Fay continues to build not just businesses—but a blueprint. One rooted in resilience, innovation, and long-term infrastructure.

Tycoon Payments may be the latest chess piece. But the game he’s playing is bigger than one move. It’s a long game of strategic leverage, intentional legacy, and generational wealth.

And Fay is not just playing it. He’s redefining the rules.