If you would like to receive more of news and insights from our team sign up here.
If you really want to maximise the chances of preventing fraud then build engagement with your people.
Think you’ve got great fraud prevention systems? You may want to think again as figures from Financial Fraud Action UK (FFA UK) reveal that losses due to financial fraud rose 26% in 2015 to £755m. It could have been worse! A further £1.76 billion of attempted fraud was identified and stopped by banks and card companies.
Perhaps most worryingly, remote banking fraud rose 72% in 2015; highlighting just how vulnerable our systems can be when people don’t think of the security implications of their actions. That innocent message about an unpaid invoice which downloads malware when you click it, that routine email from a supplier which provides new banking details; a moment of carelessness and the fraudsters are walking away with your cash.
Now we admit that some of the figures above relate to fraud against individuals, but as FFA UK say in their report, criminals are increasingly targeting business and high net worth customers so it really pays to increase the levels of vigilance. We’ve said it before and will say it again, security is a state of mind and you are only going to be able to instil that state of mind in your people if they are truly engaged within the organisation. Nothing is better for the fraudsters than a bored, disengaged individual who is merely going through the motions.
When your people are truly engaged then they not only work to promote the strategy and values of the organisation, they also take personal ownership in its success. So they think and they question and they are far more aware of the consequences and implications of their actions. If you aim to prevent fraud then by all means build fraud prevention into systems and processes, but if you really want to maximise the chances of preventing fraud then build engagement with your people.