Stopping Fraud Before It Happens Saves Organizations the Headache of Cleanup Costs.
According to ACEF Staff writers, "Anti-fraud professionals know that while it’s best to catch fraud as soon as possible, it’s even better to stop fraud before it happens — which is why active fraud prevention is a critical part of anti-fraud strategies for organizations of any size."
With the advent of cyber fraud gaining so much press attention globally, the banking industry, in particular, is better served by paying great attention to what the unethical hackers are doing behind the scenes and who is their biggest target. Unfortunately, globalization has made the job of the fraudsters much easier than ever, and near impossible to detect. Even the best and robust network technologies are having challenges preventing the persistent attackers from gaining access into the banks core database to do exploits.
Therefore, the best approach to avoid spending millions of dollars to clean up the impact of fraud rests on doing whatever it takes to prevent it from happening at all. One of the best ways to achieve this is having continuous dialogue with the employees and providing cutting edge awareness training regularly. In the end, the greatest threat in the Cybersecurity space - the human connection - will be highly minimized and mitigate fraud risks, if strategic effort is made by C level management strive to raise employees awareness of the impact and cost of fraud before it happens opposed to after fraud has occurred.
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September 21, 2019
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