Being Aware of Online Fraud

  • Fraud Prevention, Internet Fraud

How can you prevent something if youre not aware of it? The answer is, you dont. Awareness is the first step to preventing fraud online. While the majority of businesses and consumers use the Internet as a tool, that same pool of companies and people may not know all the risks. This is why online fraud has become such an epidemic in the US and is now even gaining attention from the federal government. Even if a company feels they do not have the resources to prevent fraud, they must take the time to educate themselves and their stakeholders on how they can prevent it. Time is one of the most valuable resources a business can have for preventing fraud. Now that businesses have spread their online presence from a simple website to social media accounts, payment acceptance, and fully functioning application and filing technology, there is a lot more to loseand a lot more to protect.

Banks and financial institutions have always been at the center of the online fraud prevention movement because they were the first industry associated with needing personal information. Now that all industries have joined this trend, its time that everyone starts paying attention. In a recent case study conducted by Bank Info Security, bank officials have shared their knowledge about online fraud prevention and the importance of education. Some key elements discussed in this interview are fraud prevention training, the FFICE guidelines, social media, and how other banks are implementing fraud prevention measures.

Businesses and consumers are wise to pay close attention to the risks that social media pose. What used to be a means of online communication has now turned into one of the biggest aids to identity thieves all over the world. Users and companies in this space significantly increase their chances and risks with online fraud. By knowing the risks and assessing the measures taken to prevent fraud, companies and consumers alike can protect against Internet fraud.

[Contributed by EVS Marketing]