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Simple Ways to Fight Business Fraud Part 2

Posted on 4 May 2017 by Cathie Hall

cathie_fight_business_fraud_p_2.jpgIn my first “fighting fraud” blog, I talked about fighting fraud on the human front.  And as promised this blog covers some basic tips to start fighting fraud on the technology front.

Please remember, this blog just gives you a starting point, and if you hold particularly sensitive data and are subject to various regulations, then you need to get professional advice tailored to your particular circumstances. There’s not a “one size fits all” when it comes to business fraud.

Just to recap, fraud comes from two main sources: internal and external, and it’s generally carried out physically (by humans) or via technology. To fight fraud you need to employ both a human and a technological fraud fighting strategy.

Fighting Fraud on the Technology Front

  1. Protect all assets, not just physical ones

You would never dream of leaving the factory unlocked or the warehouse doors open, yet with your data you probably allow any employee to log onto your network with their own device (BOYD – bring your own device) and download commercially sensitive customer and product data.  Work with your IT team or provider to tie down your security – whether your data is on premise, or in the cloud.

  1. Protect yourself from online fraud

As more manufacturers and distributors create an online presence, so they succumb to the same kinds of online fraud that have troubled retailers for the last decade or more.  Start with a robust customer registration and identity process, ideally one that uses IP intelligence and geolocation technology.  They still give customers a seamless experience, with checks carried out in the background – but they protect you.

  1. Work with your technology provider

Ensure your technology providers understands the levels of risk you are willing to take and the type of requirement you have, so they can design a security infrastructure that suits your business.  Remember that each security benefit has costs, both in terms of the actual technology, but also for the accompanying processes.  You need to get the right balance for your business.

  1. Keep an eye on maturing technologies

Technologies like BlockChain are now well established in areas of the financial sector and there are numerous companies looking at how the technology can be applied to other industries.  Of particular interest to manufacturers and distributors will be the use of Blockchain alongside Intelligent Devices (or IoT – Internet of Things).  When these technologies combine it will ensure that no-one can interject the data being sent from IoT devices in the field, back to manufacturers or distributors.

And remember, just implementing the technology is not enough. It’s all for nothing if the people inside the business don’t have the right policies and processes, haven’t had the right training and aren’t the people you think they are.

 

Topics: Technology (or Enterprise Technology), Maintaining/Upgrading ERP, Owning or (Running) ERP


Cathie Hall

Cathie Hall is the Chief Business Officer for the K3 Group, a Biz-Tech group serving retail, manufacturing and distribution customers. She is responsible for executing the strategy and working closely with a range of partners (including SYSPRO) to ensure that customer’s gain real, tangible benefits from their technology. K3 believes in making technology possible.

 

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