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Know and understand yourself, or fail in fraud control

Banks, system suppliers, corporates, governments are struggling to control the waves of fraud:

  • Hackers have stolen14% of the value of big cryptocurrencies with the biggest heist of all time being the hack of some $530 million worth of Coincheck’s customers assets ( Wall Street Journal Jan 29, 2018)
  • Information theft, loss or attack was the biggest source of fraud in 2017 (Kroll)
  • ACFE Global Fraud 2016 report estimated that occupational fraud costs businesses 5% of revenues each year 
  • Etc., etc 

The fraud level is not going to stop any time soon, but what to do about it? CTMfile have repeatedly covered the many checklists - see our latest list

Here are a couple of new approaches to try.

Self assessment

DXC.technology - a cybersecurity company - have developed a self-assessment methodology using a series of vital questions and a slider to rate your current processes from Reacting - Leading, see:

  1. Is your security strategy fully aligned to your business?
  2. How much does your enterprise spend on security as a portion of its IT budget?
  3. Are you regulatory compliant across your security ecosystem?
  4. Are your people your greatest asset or biggest liability?
  5. How effective are you at identifying and closing vulnerabilities?
  6. Can your security monitoring proactively detect threats, and provide an enterprise response to remediate and recover if breached?
  7. Do you have control over the who, why, and what of data, system, and applications access?
  8. How mature are your infrastructure and endpoint security capabilities?
  9. Is your data known to you, classified, and protected through secure applications while in use, in motion, or at rest?

These are serious and important questions. On completion of the assessment, CTMfile were told that we are in trouble, and at serious risk. Coincheck should have completed this analysis and followed DXC.technology’s advice. Should your company too?

Other fraud prevention tools

New tools are being brought to market all the time, e.g. Google’s new security company - Chronicle:

  • Which, they claim, will be “a new cybersecurity intelligence and analytics platform that we hope can help enterprises better manage and understand their own security-related data.” It will use big data technology to collect data and carryout analysis to produce new alerts.

CTMfile take: Assessment of your current level of cybersecurity controls and processes is essential.

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

Also see


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