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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