Sat. Oct 24th, 2020

Financial Planner

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5 tips to avoid online fraud in your company

Attempted fraud via the Internet are nothing new, however, they have increased significantly in recent times. If you heard the phrase that “the best defense is attack”, the analogy turns out to be true both on the football field and in the world of preventing online fraud.

Many cases illustrate the situation of several companies that are quick to implement a basic fraud protection system only to comply with regulations or, even worse, in response to an attack or breach.

The truth is that if decisions are taken regarding anti-fraud protection could have major negative effects on the core of a company. Cybercriminals are not stupid, whose ultimate goal steal more money with minimal effort.

avoid online fraud

Like a thief who prefers raiding homes with doors unlocked, the cybercriminals opt to target your view to weak systems. Companies that have gaps in their fraud prevention systems for attackers biggest turn white.

So you need to implement a successful strategy for the prevention of fraud requires great knowledge of the current and future environment of fraud, as well as time and money to design an effective strategy to address the unique needs of the organization.

1. Adopt a multilevel approach to combating fraud

It should be understood that there is no “magic” solution to stop all kinds of cyber attacks. Therefore they must be protected because all channels safely cybercriminals try to abuse each and every one.

2. Take into account the needs and limitations of each department

This should be the time to develop a fraud prevention strategy. Fraud hits a company completely, so strategies to protect every department uniquely are used.

3. Implement a diligent and proactive service monitoring

This will help you quickly detect and remove threats before they reach end users even know that something is happening. Is difficult to protect against the unknown, therefore, need to monitor threats and increase the visibility of the whole spectrum of possible attacks must be one of the pillars of any strategy to protect against fraud.

4. Do not forget to customers

You have to give them an experience without inconvenience but surely. When designing a fraud prevention strategy, many organizations overlook users who are frustrated with overly complex methods of prevention.

5. Project long term

Very often during times of crisis, companies hastily adopt new elements as part of their arsenal of fraud prevention. These accelerated decisions are not always designed to future solutions. A proactive anti-fraud strategy design is the basis on which future developments will occur, especially during the following years of digital transformation when online transactions grow exponentially.