A Fraud Prevention Plan that Suites Your Company

  • Fraud Prevention

A fraud prevention plan is the easiest way to detect suspicious activity and high-risk situations. Detecting and preventing identity theft is a lot easier and less costly than you may think when you have a clear understanding of what fraud prevention solutions have to offer. You may already have several procedures in place to detect fraud but there are also new technologies you can easily deploy to cover areas you still need to address. Frequently enhancing your strategy is crucial, especially if you are working in the following industries: banking, credit unions, mortgage brokering, auto dealing, debt collection, credit issuing, utilities, telecommunications, or healthcare.

As a business, you need to identify the potential risk factors you may face in the future. This could be anything from account establishment to where you store your data. Its very important to be able to verify the identity of a user and know they are who they say they are before account establishment, whether the account is being opened in person or online. Identity verification solutions that utilize challenging questions during this process are a good tactic to keep fraudsters out. Out-of-wallet questions based on personal knowledge and information are hard for criminals to answer. Using information matching, such as address and social security number, is also a good way to detect fraud.

A fraudster may be trying to infiltrate your system is the user continuously fails to answer challenging questions about places they have lived and people they know. You can also monitor withdrawals from a savings or checking accounts or deposits a lot of money to a new accounts and high dollar credit card charges on the same day in different cities to determine fraudulent activity. And of course, a big red flag would be if a SSN belongs to a deceased person.

The reality is that fraudsters change their game quickly and swiftly forcing systems to be monitored and updated on a regular basis. Its important to be proactive and pay attention to the state of other industries as well as your own. There is no better way to protect your data and customers than by implementing strong fraud prevention solutions.

[Contributed by EVS Marketing]