Keeping fraud away from your organization

Banks of all sizes want to keep their information and that of their customers safe. Data breaches can have far-reaching effects that could be expensive and difficult to recovery from. Having the necessary fraud protection software in place is just one important piece to the puzzle.

A recent Bank Systems and Technology article discussed this issue, explaining that financial institutions need to create a well-rounded approach to keeping data safe.

One key element to implement, according to the news source, is strong employee training. Workers need to understand what is a potential risk, such as clicking on suspicious links in emails, and what a possible security issue might look like. Additionally, all staff members must know what to do if they find suspicious activity.

This should be more than just a one-time training session as well.

“Instead, the message should be communicated throughout the year in everyday conversations, and in follow-ups by management as employees are doing their daily work,” the article read. “It’s an inexpensive yet highly effective approach.”

Citing data from Verizon’s 2013 Data Breach Investigations Report, the news source explained that 75 percent of all breaches were considered to be opportunistic attacks. This is all the more reason why passwords, encryptions and antivirus software should be in place. The article said that many instances were likely preventable had organizations understood which measures to take.

For example, the news source said that employees at all levels need to be given the right tools and then told how to use them properly. A comprehensive fraud management strategy should be no different. When all workers understand their individual roles, they can work toward keeping the entire organization’s data safe.

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