As more and more people spend most of their day-to-day lives online or in the digital space, the world is just a click away. Walls and borders that once separated us as individuals are fading or have totally disappeared. The digital world envelopes us; we communicate, trade and transact online in ways that are incredibly convenient and accessible,so accessible that it makes us vulnerable to new and sophisticated threats.
These threats are not just targeted at individuals but atbusinesses as well (both large, small and government agencies) everyone is at risk of being defrauded by fraudsters and hackers. Duringthis festive season and in 2020, questions we can ask ourselves as a way of protecting our friends, family and colleagues should be:
- What can I do today to reduce my risk of fraud?”
- Who is the person that is living in my house?
- Who is the person requesting for sensitive data about me from me?
- Why am I giving out information about myself?
- Why am I giving out my banking details?
- Who is that person requesting for data from me or my company?
- Do we have Ghost workers in our company or government agency?
- Is the person we employed really qualified to be working for this agency or company?
- Is it possible that we have ex-convicts working for us?
- Is a known pedophile working with our children in either private or public schools?
- Are we keeping our data/information secured?
- Do we really know our customers?
- Do we have a process of verifying and validating every information or data received?
- Do we have a zero tolerance for fraud?
We in Global Fraud Forensicsdid some fact findingand have collated a list of best practices for you.
GFF recommends these five basic steps to immediately reduce a company’s vulnerability to fraud.
- Be proactive: Adopt a code of ethics for management and employees. All employees should be held accountable when doing their due diligence with regard to fraud prevention, and should understand the nature of fraud and how it can occur at work (internal fraud, etc) and outside work (social engineering fraud, etc)
- Ensure Integrity in the hiring process: As business functions evolve and companies/Civil servants continue to grow and scale up, security controls including those that encompass hiring processes will need to evolve as well. Always reassess the risks when hiring new staff such as the information that they have access to that to could compromise your organization. Also make sure all information received from new entrants and existing ones have been verified
- Train employees in fraud prevention: Be aware of what type of fraud your business could face on a daily basis. Is your business more vulnerable to corruption, internal collusion, embezzlement, or is identity theft the main concern? By understanding the threats that could harm your company, you can tailor risk assessment and mitigation strategies to address your potential threats and vulnerabilities.
- Implement a fraud notification system: Over 80% of fraud is perpetrated by people inside the organization. If your organization has a secure confidential communication “hotline” in play, you can trust your employees to be more open and transparent upon seeing or hearing about fraudulent activities in the workplace.
- Increase awareness: Communicating and educating your staff regarding anti-fraud policies and techniques can be an excellent line of defense against threats. Empower those in your business so that they have the knowledge to do their part in maintaining the security of your business systems and information.
At all times, always remember that Fraud Robs Our Future!! Fraud Robs Our Future Generations . For the millions affected by fraud or online cyber attacks, Global Fraud & Forensics Consultants is available to advice and provide new ways to resolve new and existing fraud threats.
DISCLAIMER: Comments expressed here do not reflect the opinions of FraudXpose or any employee thereof.