Fraud prevention in business is often priority number one for merchants operating in the online marketplace. But fraud detection is often about more than being wary of all of those potential threats that lurk on the horizon while online. In fact, sometimes a crippling security compromise can emerge within your very team itself, whether on purpose or by accident.
We’ve found six overarching pieces of advice that can help you broadly monitor and engage in effective fraud detection and fraud prevention. These range from knowing your company and its staff to finding the right partners and security experts to help keep you on the forefront of the ever-shifting sands of fraud prevention techniques.
1. Know Your Team
When dealing with sensitive customer data it is highly recommendable that effective and thought procedures standards are always in place. Also applying cross-check mechanisms where few senior managers check certain tasks, operations and data at different levels and at different times would work quite good. Just the same way as flight attendants along with pilots do crosscheck prior an airplane takes off. This means that one person has verified the task of another. Mutual responsibility at various levels and forms of engagement enhance the effectives of the tasks performed.
2. Create a Reporting System
Empower your employees to report suspicious activity or even flaws in the system directly to you and executive management without fear of consequences. Such encouragement of proactivity within a team or department will always serve in the best interest of the company, its clients, and partners.
3. Devise an Internal Control System
Make sure that reporting hierarchies and levers of control are clearly marked and understood to all employees. Make sure to have a checks-and-balances system as well as multiple independent verifications of data points and access privileges.
4. Hire Certified, Reputable Experts
Make sure that the people you work with are up to the task of helping you navigate the intricacies of security issues. This means checking certifications, looking for how the company manages its people in terms of continuing education, and verifying that they are doing as promised. Trust but verify is a real truism in this department. Also, have an effective, competent internal mechanism for monitoring and managing external relationships such as those with online security firms.
5. Create a Vibrant Corporate Culture of Open Communication
Fraud thrives in the dark. You can set up hierarchies and effective lines of communication between internal actors and with external partners but none of this will matter if, at the end of the day, no one thinks it matters. Make sure your people are invested in the success of your anti-fraud endeavors and that they feel comfortable partnering with one another to find workable novel solutions to any issues the company may face.
We at Monneo understand very well the importance of fraud prevention strategies implementation and have adopted effective practices, standards and procedures that help us deliver the best possible way in the interest of our clients.
If you are interested to know more about the topic you can contact our team who will be glad to assist you with any specific inquiries. We will be looking into your special business case and will discuss what particular strategies or implementations can be of your greatest interest and benefit.
Many online merchants have already chosen our reliable and flexible digital banking solutions. If you are interested to learn more about how Monneo can help your business with our digital payment solutions contact us or directly apply for your virtual IBAN account on our official website.