Financial Fraud Investigation Tips & Training

Financial Fraud Investigation Tips & Training

It is no surprise that the world has dramatically shifted to online shopping.  In 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022.(1) It stands to reason that as more shopping moves online, online payments increase. It is well documented that online bank and credit card fraud (among other forms of financial fraud and cybercrime) are also growing in-step with the growth of eCommerce. Thus, it is vitally important to be well versed in detecting and protecting your business against financial fraud.

Here are some financial fraud detection and protection tips. It all starts with a protection strategy that is geared to the needs of your business and utilization of current, best in class methods.

Authenticity: Your communications with customers must be consistent.  It should  encompass features that fully authenticate your business.  When  communicating with your customers, it’s important to show you are who you say you are.  From the initial user experience, to data capture during purchases, all the way through to  your confirmation emails, be clear about who you are.  Your authenticity messaging should consistent and always present. 

Protocols: Create and maintain a consistent method of communicating with your customers.  For example, certain companies with extensive financial transactions, e.g., American Express, does not call their customers; they only email them. The same is true for banks.   If you use email to communicate with your customers, you will essentially train them to be suspicious of phone calls.  Establish a phishing reporting system and provide your customers with an email address that enables them to report suspicious email or phone calls.  

Education: Once you have protocols and systems/procedures in place, be sure to inform your customers and staff of what is authentic, what the protocols are and what to look for to identify likely fraud and what actions to take. Your customers and staff, alike, should know that fraud can occur across all channels of the transactions.

Financial Fraud Software: It is simply not feasible to track and identify fraud solely by monitoring accounts with professional staff.  The volume and rate of transactions today necessitates that your business have a tech system in place to detect and protect against fraud.

What to look for in Fraud Detection & Protection Software

 It’s essential in today’s environment of high velocity transactions to install and activate a Financial software system including artificial intelligence, data aggregation and analytics that can identify fraud in real-time and protect your business from fraudulent transactions.

One outstanding company that offers the world’s most advanced transactional AI capability is ToolCASE.  It is the preferred choice for real-time Risk Management and Financial Fraud Detection based on its accurate data sets and analytics. ToolCASE features a suite of products based on its proprietary Rembrandt Ai software to detect and protect fraud in various industries, such as banking, business services, retail, airlines, healthcare and medical services, government, manufacturing, oil & gas and transportation, just to name a few.

Statista, Tugba Sabanoglu, 11/30/2020

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