Knowing and Understanding Your Fraud Prevention Solution

  • Security

With the recent federal attention around cyber security, its no surprise that everyone is starting to take notice to this pressing issue. Sen. Jay Rockefeller is pushing to get more guidance from the Security and Exchange Commission (SEC), specifically about gaining insights about incidents of cyber security. One of his strongest points is that investors have no perspective as to how much online fraud a company has experienced with the current standards. With cyber security as a pressing issue for all stakeholders of all levels, having strong and transparent online fraud prevention is imperative to your companys success. Having official guidance for companies would help make business safer and increase the visibility around Internet fraud issues.

Right now Sen. Rockefeller is fighting for more reporting and filings of cyber-incidents to the SEC. How is this going to be beneficial? Its not to punish or shun those who have been hit by online fraud of any type, but more so to paint a picture. A picture that not only shows how much businesses are relying on the Internet these days, but also how little they know about protection. Companies had no hesitation about joining the digital age, but many did not assess the risks fully before jumping in. This is one of the reasons why the country is playing catch-up with supplying resources and solutions for preventing online fraud. The nation is taking cyber security as serious issue, and so should businesses. By understand the risks and knowing that online fraud preventable, businesses can start taking a proactive approach. Soon the question will go beyond, Do you have a fraud prevention plan in place? to What is your fraud prevention solution? Having an online fraud prevention plan wont be enough. Companies will have to be ready to understand and explain their fraud prevention strategy to stake holders and more. Its time that companies know and understand fraud prevention just like any other aspect of their business. Are you ready?

[Contributed by EVS Marketing]