How To Protect Your Company From Big Fraud Attacks?

1. Ensure that your IT people understand the technical risks and they know how to protect your business from attacks, theft of customer information and infiltration. Customer details and payment details are the most ‘at risk’ data; and that access security is the most important to the police.

2. Remember though that with the best systems in the world, one of the weakest points of vulnerability is always the people using the systems, as they can easily be mis-led or conned. Ensure that customers have strong advice and warnings of the dangers. Also make sure that staff cannot access sensitive areas of your systems without proper controls and whatever they do is stored and available for audit. Make sure, when recruiting, that the bad-eggs that can get into the fabric of organisations are properly screened out before you are at risk by employing them.

3. Look at your processes for weaknesses. These include: paper that need not be used, access to unnecessary customer data, who can access what and why people may need to access such details. Ensure that people have what they need to do their jobs, but no more.

4. Make sure that your anti-fraud efforts are not just ‘after the event’ investigation-led. Ensure that you set proper fraud deterrents and fraud prevention strategies, mechanism and system. You should consider deploying early fraud detection processes, systems, solutions and technology and that when you see a problem you take action to fix it properly and permanently.

5. And finally, if you employ a fraud management specialist, make sure that they have the ability to take action and change the business for the better.

Bill Trueman, CEO & Director of UKFraud and RiskSkill who helps businesses, banks, corporates, insurance firms, telecom sector, ngo, and other organisations investigate, detect and prevent fraud to prevent losses and save millions.

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Why Fraud Management System is Necessary for a Business & Company?

fraud detection techniques

Detect fraud before it is too late for your company. Putting fraud prevention system in a company or organization is very necessary for its sustainable growth.

As part of a continuing drive to inform the commercial world about fraud prevention policy, tactics and risks, UK Fraud has published a list of common fraud misnomers. These include:

1. Every Country Possesses A ‘Fraud Fighting Champion’

Who controls, monitors and regulates fraud in your country? If you are resident in the UK, for example, then please write and tell us. We are really not sure what the answer is. We know that in the UK, it is believed that fraud costs the country £38 Billion each year – that’s £38,000,000,000 – or more than £600 per man, woman and child! There are some politicians and a whole assemblage of senior civil servants in the Cabinet Office who might claim the throne as theirs. Then there is National Fraud Authority tasked to ‘do something’ and the Cyber Crimes Unit tasked to ‘do something else’ but we have yet to see any joined-up integrated fraud strategy to support this. The situation is even vaguer when it comes to the UK’s approach to fighting fraud originating outside the UK.

2. Be You Own Fraud Fighter – Contrary To Opinion You Can Now Strike Back!

We are all aware of all those spoof emails, telling us that we can have a share of US$6,000,000 if we help transfer money. Usually this is at the behest of an uncle or widow of a major banana politician who needs help in a foreign state. As you might by now expect, they all ask us for our bank details. Instead of letting them ‘reel you in’, you and I can now have a go at ‘scammer-baiting’ i.e. conning the conmen themselves. There are a number of sites that can help you understand how to do this; search google for ‘Scam the scammers’. Even if you don’t feel like doing this, there are some entertaining stories to be read on numerous sites.

Commenting on the list of common misnomers, Bill Trueman CEO of UKFraud and RiskSkill noted, “Before we can make a real impact in driving down levels of fraud, one has to create awareness of where the real issues are and by contrast where the old wives tales have crept in. By highlighting common misnomers we aim to help in this process.”

About UKFraud (

UKFraud is a leading UK based consultancy, with an impressive international track record of eliminating the risk of fraud. Its founder Bill Trueman is a widely accepted as one of Europe’s leading fraud prevention specialist and a frequent commentator and writer on the issues involved. Trueman has extensive experience of handling or preventing bank fraud, insurance fraud, internet fraud and fraud in other financial service sectors and is a thought leader at the forefront of many industry wide and international debates.