Updated Strategies, Tactics and Best Practices for Fraud Prevention

07 Jun 2021

With digitization and globalization gaining unprecedented usage worldwide, private individuals and enterprises are being largely dependent on online databases to store information related to businesses. However, every coin has two sides, and the increased digitization has led to a manifold increase in fraudulent activities at the same time.

At present, around 41 different types of frauds related to asset misappropriation, accounting fraud, data theft etc. happen around the world. This statistic reflects the struggle that businesses face when it comes to ensuring the protection of their customers as well as their enterprises.

With every passing day, scammers and fraudsters are becoming much more lethal and no one is unaware about the same. Therefore, here is a guide of strategies, tactics and general practices that an enterprise should incorporate:

  • Creation of a mobile ID

The incorporation of necessary security measures can sometimes be viewed as inconvenient and lengthy. However, protecting customers’ identity holds supreme importance in every bonafide company.

Therefore, a company should implement KYC software that allows their customers to use their mobile devices to verify their identity, thus, creating a foolproof way of verifying customers and preventing fraud.

  • Analytics-driven alerts

There can sometimes be several cases of potential fraud cropping up at a given time. Detecting and handling these cases is not only costly but time-consuming as well. To make case management more efficient, enterprises can turn to a solution that can analyze cases.

This analysis will take place automatically and effectively detect cases or frauds that would require human intervention to incapacitate. Therefore, this process will help to prioritize data breaches, especially in large-scale enterprises.

  • Test existing security controls

Be it multi-factor authentication or a comprehensive fraud detection solution, existing security measures must be frequently tested by every enterprise. This can be carried out by running simulations or even bringing in an expert to analyze the measures as well.

By doing so, a company can ensure that the vulnerabilities in the databases are brought to a minimum, if not completely eradicated. It can also be seen as an opportunity to update obsolete controls.

  • Effective data governance policies

One of the most common reasons for the occurrence of fraud is Internal Factors. This would involve cases where employees from the company exploit the access they possess related to the company’s database. Stringent Data Governance Policies should be introduced to reduce the practices of data breach.

  • Scanning

Having an efficient and quicker document scanner can contribute significantly to reducing fraud. This stands true especially in the travel industry as the enterprises in this require documents like passports and visas to serve the customer. Therefore, the use of special scanners can ensure that the document holder is indeed real and can verify their identity.

With Accura Scan, an enterprise can find an all-inclusive security provider who is capable of being efficient as well as accurate. Contact us to detect potential fraud in real-time and thus, inhibit the harmful effects of an attacker.

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