Who Is Responsible for Fraud Prevention?: A #fraudweekchat Recap
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We recently co-hosted a Twitter chat with the Identity Theft Resource Center in support of International Fraud Awareness Week. Our topic for the chat was “Who Is Responsible for Fraud Prevention?” This year, we had 107 participants and 474 tweets that used the #fraudweekchat hashtag.
Participants who joined the chat took the opportunity to delve into our topic, sharing actionable advice, eye-opening stats and phenomenal resources. Not to mention, everyone giffed it up like their life depended on it.
If you didn’t get a chance to join the Twitter chat this year, here are some of the most incisive insights shared throughout the fast-paced discussion.
Q1. What role does culture play in preventing fraud?
A1: Company culture plays a huge role in fraud prevention and is built on TRUST, transparency and security. Trust in your people, your customers, your data and your systems.
— Brooke Fortson (@brooke_fortson) November 20, 2019
Culture is the cornerstone of an antifraud program. Orgs that think fraud is not a problem, that don't communicate the importance of fraud prevention are the most at risk for fraud. #fraudweekchat
— Linda Miller, OLY (@lscottmiller) November 20, 2019
Q2. What are some unique ways to provide fraud prevention training and education?
A2: Tell stories. People don't remember most of WHAT you tell them. But they remember how you made them FEEL. How do you want your audience to feel about fraud? Concerned? Afraid? Hopeful? Vigilant? #Fraudweekchat
— James Ruotolo, CFE (@jdruotolo) November 20, 2019
Q2. Gamification and engagement. Get rid of the boring PPT slides and have everyone engage in some real world fraud scenarios and table top exercises. #FraudWeekChat
— Ryan Duquette (@RyanDuquette4n6) November 20, 2019
Q3. How can you gauge fraud prevention awareness throughout an organization?
A3: One gauge of fraud awareness is people's willingness to comply, to report odd emails, and ask questions. Do they engage or just roll their eyes? @Bentoforbiz #fraudweekchat
— Annie Logue (@annielogue) November 20, 2019
Q4. What sort of nonfinancial effects can fraud have on a victim or organization?
I've seen relationships with vendors crumble from social engineering losses suffered by organizations. #fraudweekchat
— Nate R (@nratx) November 20, 2019
Money is replaceable, trust is so much harder. You can work longer and harder but most victims will never forget the betrayal
— Kelly Paxton (@pdxcfe) November 20, 2019
Q5. What is the correlation between individuals impacted by fraud and their work productivity?
A5. 64% of victims who responded to our Aftermath survey reported problems with concentration 😣
— IDTheftCenter (@IDTheftCenter) November 20, 2019
40% said the incident caused problems at work and/or school 🏫
Others reported losing their job or work opportunities 💼 https://t.co/Fc1LoYRS2c #fraudweekchat pic.twitter.com/9flfC5CXtZ
A5: The impact to productivity related to #databreaches & #fraud can be significant. Employees who need to confirm the integrity of their identity, or go through the process of repairing a stolen identity, is estimated to take 6 months & 200 hours-worth of work. #fraudweekchat pic.twitter.com/UJ67CnyUH5
— Sontiq (@Sontiq1) November 20, 2019
Q6: How can an individual convince their organization to promote and invest in fraud awareness?
Bring concrete facts to the table. Show the potential financial AND non-financial impacts of fraud and highlight the risks of not doing enough; losing customers, bad press. Remind of the positive impacts of proper fraud awareness campaigns to reduce internal fraud. #fraudweekchat
— Simon Marchand (@Simon_Marchand) November 20, 2019
A6: Educate yourself! Learn as much as you can about #cybersecurity and data protection. Do your research, talk to your friends, and remember; fraudsters are always looking for new ways to strike. Remain vigilant and up to date with your security practices! #fraudweekchat https://t.co/aqCiUKk1gA
— Cybercrime Support (@cybersupportnet) November 20, 2019
Q7. What’s your best advice for those who want to protect themselves from fraud or identity theft?
A7: 1. Use personal VPN
— Carl Hammersburg (@carlhammersburg) November 20, 2019
2. Don't reveal personal information
3. Use a portable hotspot instead of public wi-fi
4. Monitor the Dark Web
5. Complex passwords you don't reuse
6. Lock your credit down
#fraudweekchat
A7. Replace passwords with passphrases. Don't save your sensitive information on your mobile devices and on cloud. Store such information either in brain or paper but not in devices. Enable Factor Authentication. Use App lockers to lock apps. Delete what's not required.
— Ritesh Bhatia (@riteshb2) November 20, 2019
Thank you so much to everyone who participated, liked and shared any of the #fraudweekchat tweets. There were so many helpful resources and tips shared throughout the chat. Use them to talk to family, friends and the larger community about fraud prevention, not just during International Fraud Awareness Week but throughout the entire year.
