The more your business grows, the higher chance you are on the target for an enterprise fraud attack. Companies have been emphasizing the importance of this issue over the years, and the number of fraud attacks has only been rising.
So, what does it take to stop the fraud? With new technology, advanced Artificial Intelligence, and Machine Learning, the attacks have been easier to plan and execute. Alongside their regular business issues, companies now have to be on the lookout for potential attacks.
How can a company prevent a fraud attack and protect itself from such illegal activities? Continue reading to find out more.
The first step is to be aware that there is a problem. The enterprise fraud attacks are all around us and can happen to anyone. It’s essential to be informed about the latest attacks and gather as much information about them as possible. In this way, you’ll be able to set up an IT team and an up-to-da and useful security system.
If you don’t inform yourself about the latest attacks, your security system might be outdated and easily broken into. So, to make sure that doesn’t happen, continually update your system and invest in a team of experienced IT employees who will be skilled enough to keep your transactions and financial affairs safe.
Contemporary and high-performance tools enable you and your company to analyze massive amounts of different information rapidly and immediately single out unusual patterns that could be the attempts of criminal financial activities.
Set a Fraud Management System
This point is closely connected to the previous one, but it’s extremely important to set an enterprise fraud management system. This software is designed in a way to detect any abnormal activities that could lead to potential fraud. It screens all transaction activities and processes, including the users, accounts, channels, and products as well.
How can this help you in reality? Because the software monitors all changes in real-time, the software will notify you as soon as there is suspicious activity, and you’ll be informed of the potentially dangerous and illegal activity. In this way, you can prevent the fraud from happening or even track it down immediately.
The structure of fraud management systems is complex to provide maximum security and usually consists of five levels:
- Endpoint level – secures access point, and it consists of various authentications requiring device ID and location, among other things.
- Navigation level – tracks, analyzes and compares the behavior of both the user and the account with the previous ones to find out which behavior should be expected.
- Channel level – tracks all activities of the user and the account related to a specific channel. It compares this to regular activities again to create expected and usual activity patterns.
- Cross-channel level – tracks all activities of the user and the account related to multiple channels. Similarly, it examines channels and products to successfully identify unusual activities between users.
- Entity link analysis level – examines all activities and behaviors between connected or linked entities.
So, all five levels function to have one outcome – to identify anything unusual, whether that is the user, channel, product, or the activity. In this way, fraud management systems are a way to protect your enterprise from a potential fraud attack that may be lurking in the shadows.
Share with Others
However, even if you fall victim to a fraud attack, make sure to track it down and find out how it managed to break into the system. Since technology is advancing at all times, the main thing is to keep up with it and inform others about the attack.
Not only will you help them be more careful when needed, but you will also help to make the fraud management systems more reliable and secure with each hit. Even though these systems are intended to detect and prevent fraud, they also need to find new strategies for battling new methods of fraud attack, whether it’s internal or external to the enterprise.
To sum it up, enterprise fraud is rising each year, without the signs of stopping. So, it’s important to secure your company’s finances as much as you can. It doesn’t matter whether you have been the victim of fraud or not. It’s never a bad idea to conduct some additional steps that boost your safety network.
So, the first thing in the morning, consult with your team about revising your company’s security level and make some changes in the system if necessary before it’s too late.