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Protect Yourself from Fraud

With the increase in identity theft and fraudulent activity in the last year, it is safe to say that this, unfortunately, will become an increasing trend with companies. Cyber attacks are becoming more and more advanced, although simple methods are still used to steal information for fraud and financial crimes. So how can companies help prevent identity theft, and protect their costumers?

  • Be Proactive. We live in a world dominated by technology, so to help catch fraudsters you have to use technology. Teaching professionals how to detect fraud is important. Data analytics can employ tools to help uncover fraud buried deep in the system.
  • Improve Information Security. This is a major part of prevent massive data breaches. We have seen companies such as Target and Home Depot experience massive data breaches. It is important to improve how data is stored and protected. Companies will have to work hard to stay ahead of hacker and fraudster to protect their information. These large breaches have exposed widespread vulnerabilities. They can put millions of people at risk for fraud.
  • Shaking Up Fraud Risks. Many companies have begun to accept bitcoin or other forms of digital currencies. This can help reduce fraud and identity theft because the transactional data stored by sellers cannot be used by malicious partied to charge the customers. There is still the risk of fraud from dishonest sellers, but that has not changed in the last 2000 years.
  • Protection For Whistleblowers. In the last decade, a few countries have passed legislation to protect whistleblowers that report fraud. There is an increase awareness of how major fraud in organizations can have substantial effects on economics. These protects help people identify when fraud takes place and can have some major payout if the report is substantial.
  • The Evolution of Credit Card Security. Many credit card companies are working on way to improve credit card security. They are working on making the cards smaller, smarter, and securer. Many card have gone to smooth cards, so imprints cannot be made. Many have a microchip in them that may or may not require a PIN to complete a transaction. This is an evolving world with several variations. Eventually one standard will be adopted, but many things will be tired.
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