On the sixth day of Christmas my consultant told me how to:

Improve my fraud prevention and minimise our cybersecurity breaches:

1. Overall by:

• accepting that prevention is better than cure, but once a type of fraud is stopped another begins. Eliminating fraud completely is an impossible dream, but it can be minimised, and that FRAUD, the fastest growing business on the planet, is booming | C&TM File.
• recognising that occupational fraud and abuses (also known as internal fraud) are by far the biggest source of fraud, representing $3.6 trillion globally in 2019 according to Association of Certified Fraud Examiners (AFCE) 2020 report:
  • typically 5% of revenue was lost to fraud each year
  • corruption is the most common scheme and that the typical fraud case lasts 14 months
  • anti-fraud training is vital
  • the three most common ways internal fraud is detected are: tips from employees, internal audit and management reviews
  • accept that 79% of respondents observed an increase in fraud due to COVID-19 pandemic

• not trusting anyone, any system, checking everything and insuring where you can, see: Play it safe, don’t trust anyone, don’t trust any system, check, and cyberinsure | C&TM File
• reviewing your fraud prevention systems and processes regularly, unlike the 18% who say they have never reviewed, see: When did you last review / update your fraud prevention processes? | C&TM File

2. Improve fraud prevention by:

• using new technologies to bring user identification issues under control:  
  • ensuring global payment systems compliance by following Bellin’s five rules, see: https://www.coupa.com/blog/treasury/5-rules-corporate-fraud-management
• making people, not just companies, accountable, see Personal accountability and tighter fraud controls in wake of ‘Yates memo’ | C&TM File
• fighting payment fraud by adopting simple, practical solutions, see recent AFP Payments Security Guide - Trust, But Verify, see: https://www.afponline.org/docs/default-source/default-document-library/pub/2016-afp-payments-security-guide--bec.pdf?sfvrsn=2 AFP 

3. Minimise cyber fraud by:

• adopting the 10 steps the UK’s spymaster (GCHQ) recommends, see:  10 steps to Cyber security from UK’s GCHQ | C&TM File
• accepting that your company needs a new approach, see: Corporates need alternative approach to cybersecurity | C&TM File
• beware of ransomware, see:  https://ctmfile.com/story/cybersecurity-coming-of-age
• stopping staff downloading data to personal devices and adopt these two practices, see: Key problem in Cyberspace: Staff downloading firm data to personal devices | C&TM File
• being aware that your supply chain could be your weakest link, see: Supply chains are the weakest link in cyber crime | C&TM File
• remembering that it is vital to build consumer trust in the new digital landscape, see: https://ctmfile.com/story/building-trust-in-a-digital-consumer-landscape-is-the-key-to-survival