Fraud prevention advice - just the starting

Even when you give people the greatest of instruction advice and warning, unless you are actually changing their controls and procedures, this can happen - financial crime. I have had a few clients over the past few years have been scammed for $25K+ to $1.5M and it could have been avoided with the following. They contact me and say, this is what happened and I hear them and I wonder, why don't you have any of the fiscal controls in place for your organization. Well, I guess they never thought. I have rules and those rules are based on decades of experience, not just something you read from a white paper or hear at a seminar.

 

Oddly enough, even just this last week, someone was scammed for $50K. That could have been avoided with any or all of the following. Just do it. Its easy.

 

1.      Two factor authentication by device (US based pc/laptop only), phone authenticator, by state

2.      Review and fix debit/visa cards with access, limits, linkage, time frames of access

3.      Disable and turn off International access to purchases using credit/debit cards of any type – just do it - disable turn-off, do not allow; unless you have one and only one card specific for this only

4.      Wire transfers by remote via email via text a "no-no" – disable turn off, in branch only, and voice verified even in lieu of email requests

5.      Zelle and other forms transfer by email address off and un-sign-up

6.      Purchase limits reviewed monthly, all card access controls and settings re-reviewed with bank in person

7.      Checks signed by one and only one, unless two signatures for higher limits at various thresholds

8.      Daily bank and credit card activity review, settle each day, not just monthly or bi-weekly

9.      Control of checks by range and by bank, re-ordering by those who sign & authorized only

10.  All purchases, alerts go to mobile device

11.  Virtual Cards - use them

12.  Replace cards annually where activity is constant

13.  Email phishing and unexpected messages just delete; question everything suspicious and pay attention to patterns

14.  Don’t trust anyone; only do specific activities at one, and only one computer, accessible to approved only

15.  Keep some accounts with high balances without any card access; in person branch actions only

16.   Do not say your full name and "yes" over the telephone unless you have trusted and verified proof the other party is fully trust worthy. This has to do with voice authentication, voice verification and my voice is my password protection and prevention again those capturing your voice and authority to conduct any business via telephony methods.

17.  Freeze your credit, not the same as a Credit Lock, just a Freeze. It's free and good enough.

* number #16 is a lot to gather yet think about it.

more to come...