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Fraud best practice: multi-faceted 24/7 vigilance is only answer

There is no single solution to stopping the many types of fraud. Here are some of the latest ideas. 

A new way to think about fraud

Change your fraud protection from a transactional response to a strategic approach from operational response by continually adjusting your strategies for detection and protection, safeguarding your business and your customers, and investing in organizational awareness and practical tools. (See Wells Fargo Treasury Insights video, here, with Jinee Ellis and Jim Fox at Wells Fargo and Ann Kirst at Northwestern Mutual.)

Imposter fraud prevention

Verification can help protect your company from becoming a victim. The key is to verify every payment and every change of payment instructions regardlessof where or from whom the request comes from and doing this through a different channel from the one that the request came in on.  (Source: Wells Fargo Treasury Insights.)

Treasurer’s role in cybercrime prevention

PwC have a cyber security game in which players can go head to head agains one another as attacker and defender. This game shows how it essential to be flexible and accept that everyone has a role to play in cultivating the righ mindset to protect their organisation against cyber-fraud.

Yvonne Welsh at PwC UK believes that:

  • You can be the target without being the target, e.g. third parties can be corrupted which affects your organisation
  • Businesses need to be resilient in many different ways
  • Cyber challenges aren’t static, e.g. data storages can make you vulnerable. 

Cutting out synthetic ID fraud and sleeping accounts

In applications fraud it is essential to cut out ID fraud, but as Emailage’s Amador Testa points out in The PAYPERS, the key question is, “How can companies successfully ID someone, with minimal friction, when opening a new account or making a CNP transaction?”

And the issue is how to avoid dormant, sleeping acounts that are set up on company’s databases  and left to ‘age’  for 3-6 months so they look as if they are valid, before they are used fraudulently.

Fight this with new identity analytics, etc. (See.)


CTMfile take: Multi-faceted 24/7 vigilence really is the answer.


This item appears in the following sections:
Fraud Prevention
Anti-Money Laundering Fraud Prevention
ID Systems & Services in Fraud Prevention
Minimizing Fraud Procedures
Minimizing Payment Fraud

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