01Jan, 2017

PCI DSS/ Security Compliance

Staying on top of fraud prevention

Staying on top of fraud prevention will keep your business on its toes in 2017. Unfortunately there are still organisations out there who think it won’t affect them and they need not worry. They may be lucky and avoid being targeted, but why put your finances, corporate image and customers at risk?

There are quite a few areas you need to consider when working out how to stay on top of fraud prevention. One of the threats can be internal – sometimes disgruntled or just plain dishonest current or former employees can decide to take matters into their own hands. This theft can take many forms – from lost inventory to unethical accounting practices and the theft of financial assets.

Then there’s external fraud. This, too, can take many forms such as computer hacking, identify theft and credit card fraud; as such it should be a major concern. Talk to any security expert and they will tell you that there’s no quick fix when it comes to managing or preventing fraud – it requires ongoing monitoring and vigilance.

Your IT experts will need to work closely with a specialist organisation such as ours who fully understand fraud prevention and who can install a comprehensive fraud protection program.

It’s also a good idea to educate staff throughout your company about the importance of preventing fraud and the reasons why. After all, every employee can be affected by fraud losses because it impacts a company’s bottom line.

Your business will need to have an effective fraud detection program – one that has clearly defined fraud prevention responsibilities, comprehensive awareness training, continual risk assessment, investigation procedures, and constant auditing and monitoring.

Your fraud prevention plan needs to have a system for how the company will react to any suspected fraud, mitigate any issues, and  prevent future threats.

Above all, remain vigilant. As soon as you think you’ve got fraud prevention  locked fraudsters will have already found a way to zero in on your company’s system and device vulnerabilities. Don’t become a statistic or a headline anytime soon. Staying on top of fraud prevention is an integral part of your organisation’s raison d’etre in 2017 and beyond.

Fraud prevention is a must for your business. Staying on top of it is another thing. Speak with one of our Security and PCI DSS Specialists for more information.

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