Staying ahead of fraudsters is increasingly becoming difficult due to the growing abundance of external and internal threats. Fraud risks continue to rise thanks to the recent changes in technology that make it easier to share, move, and expose business assets. Businesses have to take proactive steps to keep up with these evolving threats for fraud mitigation. Although it may seem challenging, there are several ways to protect your business from fraud. Keep on reading to find out more.
1. Monitor and Secure Sensitive Data
In the past, companies needed to monitor transactional data to help identify anomalies that might indicate fraud. However, modern-day fraud includes uploading sensitive business data to the cloud or sharing via social media. Ensuring your business’s information isn’t shared outside in a malicious manner becomes a top priority.
Using monitoring technology that promptly informs you when company data is shared online or leaves the office is an excellent way to mitigate fraud. Consult with data security professionals for a suitable technology to monitor and secure your company’s sensitive data.
2. Track All Forms of Fraud
Did you know that fraudsters are constantly on the lookout for weak links within organizations? They concentrate on vulnerabilities that are unique to specific payment types and channels. Therefore, safeguarding your bottom line starts with tracking fraud holistically.
Businesses need to track both successful and unsuccessful fraud attacks within their organization. Doing this gives you a comprehensive scope of what you are up against and how to respond accordingly. It will also help to assess how well you dealt with previous fraud attempts.
3. Implement Company Policies on Nondisclosure and Confidentiality
Your employees need to sign confidentiality and nondisclosure agreements upon hiring. Ensure every new hire is aware of the confidentiality policies of your company. Doing this helps safeguard your business from fraud when employees leave your organization.
If you don’t have confidentiality and nondisclosure policies, ensure you start the implementation process. All current employees must sign the new agreements and consent to the consequences of violating company policies.
4. Authenticate Digital and Physical Attributes
Through biometrics, your company can make authentication effortless and more secure than using traditional passwords. Examples of biometric identifiers include facial patterns, typing or voice cadence, and fingerprints. Each of the above identifiers is unique to a particular individual, and you can implement a combination to guarantee greater accuracy in identification.
Encompassing behavioral and digital identifiers will give you more insight into human-device and location interactions. These details help identify fraud patterns, thus proactively protecting your business. Luckily, several digital attributes are passively authenticated to reduce customer friction.
5. Consider External Fraud Mitigation Providers
Fraud is usually disguised under various layers of connection and masks that make it almost impossible to identify. In most instances, your internal IT team may not identify fraudulent activities until it is too late. Finding an experienced partner with deep data resources to help with fraud mitigation, therefore, becomes paramount.
For starters, external providers incorporate state-of-the-art technology with robust linking capabilities to match and identify fraud. It is especially vital to seek expert help when your business conducts international transactions. Doing this keeps you in compliance with privacy regulations around customer storage and data access.
Get Smarter Insights on Fraud Mitigation
Internal controls do not cut it anymore when fighting fraud in the workplace. Businesses need to implement new measures to mitigate fraud risk. At Peoplefinders.com, we have a vast database of public information, decades of expertise, and advanced analytic tools to help you fight fraud. Sign up for a free trial today to protect your business profits and establish client trust.