Fraud Solutions: Fraud News Update 11.03.16

Fraud News

Fraud News Update 11.04.16 – This week’s edition of the Fraud News Update features: Cyber Posers (Crime As A Service), CEO Fraud (The Scam), 70% of Businesses Are Unprepared For Fraud (Survey), Fixing Bogus Online Information (A Dirty Business),

As leaders in the fraud consulting arena, read on for more topical information and our insights, observations and unique commentary on some of the weekly fraud news stories.

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Cyber Wannabe’s

Cyber Posers The world’s full of people who pretend to be something they’re obviously not qualified, or talented enough, to be.

As if they aren’t enough “posers” already, now comes word that wannabe cyber criminals are paying others for their cyber crime expertise in order to fulfill their own nefarious underworld fantasies. Crime as a service (C-a-a-S).

Now, no matter how technically challenged you are, you too can be a cyber criminal! Just drop a few greenbacks on the “crime in a box” kit and you get everything you need to wreak havoc on the companies of your choice.

Whatever happened to work hard and develop a skill?! Seriously?

CEO Fraud

Fake CEO CorrespondenceDon’t jump to conclusions, it’s not what you think. Sure, there are CEO’s out there committing fraud but this isn’t about that at all.

It’s actually pointing towards a form of cyber crime where the bad actors represent themselves as the CEO of your company and instruct you to either wire funds or send sensitive or confidential information to them.

Who wants to tell their CEO “no” and that’s what these dudes are counting on! Immediately take this bait and you’ll have more than “egg on your face.”

Your best bet: take a few extra precautions, ask a few more questions and don’t send anything until you have independent verification, no matter who’s asking. Always a good policy.

The Majority of Businesses are Vulnerable

70% of Businesses Not Prepared for FraudFraud is every the days. It seems like a day doesn’t go by without another story about some business getting ripped off by some bad actors.

That, along with the sensitive information, customer data and revenues that most companies possess would seem to be enough to motivate them to protect their assets.

Not so, research suggests. 7 out of 10 surveyed in the UK businesses had done ABSOLUTELY NOTHING to protect their businesses from fraud. Some hadn’t even talked to their employee’s about it at all. With employee’s on the front lines, awareness is so critical that leaving your employee’s in the dark is hard to even fathom.

Not only is this completely unbelievable but it makes you wonder what cave the folks surveyed have been living in?

Don’t be like these guys… get after it NOW or absolutely be victimized LATER.

Fixing Derogatory Information Online: A Dirty Business

Reputation ManagementPrior to the days of online reputation management firms, people were left to their own devices to try and get derogatory, unflattering, or personal, information removed from Internet search engine results.

About fifteen years ago, I asked one of the world’s leading Internet researchers how to get an address removed from online public directories after having worked for 0ver 20 years to protect personal privacy.

She handed me an 8 page document, consisting of 20 company names per page, and said “here call these folks, but don’t be surprised if they don’t do it!”

Reputation management firms, much like credit repair firms, have sprung up to meet the demand to delete information from the net. Like the credit repair business, not all the players getting into it are honest, ethical or up front about the ways in which they go about achieving results.

When it comes to reputation management, you can’t just contact Google and say “hey, my client hates the fact that this is on the Net… why don’t you just be so kind and remove it?”

If you think they’ll do it without cause you’re probably wrong. In fact, most of the search engines, like every other company handling consumer information, will generally only respond to legal process.

Oh, but you don’t have one. So, guess what tactic some reputation management firms are stooping to? Read on and see if your hunch is correct. Like the title suggests, getting derogatory information removed from the Net is a dirty business!

Fraud News – The Bottom Line

Fraud – empowering people to break the law. It’s a way of life for some and every fraud has a story. At Fraud Solutions,we’re passionate about helping customer’s mitigate enterprise fraud risk management losses. Being proactive is key, so, follow us each week as we cover the fraud beat with added insights, information and unique commentary on stories making the fraud news.

Those are our insights. What are yours?

For more information on how we can help your businesses prevent enterprise fraud risk, conduct fraud risk assessments, provide fraud training, develop fraud content, reduce major fraud losses and improve operational ROI, contact us to schedule an initial consultation. No obligations…just unique insights from an industry leader.