8 Ways to Protect You and Clients from Financial Fraud

Fraud Protection Tips

The predicament unfolding at Wells Fargo where 5,300 employees were fired due to phony bank accounts opened to “boost their sales figures and make more money” is not new in the financial world.

Unscrupulous practices have occurred for years in varying degrees.

In 1985, a just-fired employee at a New York-based commercial bank stood in front of his former co-workers to explain how he siphoned money from several bank accounts to which he had access.

The explanation was not to teach other employees how to do the same, but rather, done while the former employee was flanked on either side by his former supervisor and a security guard, it was a warning to workers that such theft would not go unpunished.

Working alongside those employees as a management assistant gave me front-seat access to a situation I did not know was possible until hearing the details.

Wells Fargo’s dilemma provides small business owners with vital lessons to keep financial accounts secure and relationships with clients strong.

Financial Fraud Protection Tips and Tricks

For You

1. Make time each month to reconcile your financial accounts. Even if an accountant is privy to your records, it’s imperative that you personally review statements in a timely manner.

2. Access your credit report every year through the free service, AnnualCreditReport.com or through another preference. Such review won’t help you detect fraud that occurs between yearly audits. However, you will still see details that may negatively impact finances.

3. Set up alerts through mobile banking, and that includes a password on your cellphone that prohibits access to financial records if your phone is lost, misplaced or scanned.

4. Install apps such as Dasheroo and PowerWallet on your cellphone to know what’s coming in and going out of your bank accounts. Most apps are accessible on your computer and tablet so there’s no excuse for not taking action at a moment’s notice.

For Clients

1. Send a letter of assurance by mail and email whenever mismanagement occurs in your industry. You’ll receive praise for reaching out in times of crisis whether it’s stated verbally or acknowledged silently. Send the notice in both formats to ensure notification.

2. Call clients by phone to back up mail and email notices as additional security to strengthen client trust and value in your service.

3. Save notifications that you receive from other industries to re-structure alerts sent to clients. This is helpful if you have difficulty writing copy and do not have staff or an on-call writer to create the content.

4. Become an ally by notifying clients each time disruptions come to light in industries that impact them. For example, if you are not in the financial industry, notification about Wells Fargo and pointing clients to an online article that helps them detect fraud positions you as a valuable and reliable connection.

Which of these internal checks and client-based services will you pursue tomorrow?

Financial Security Photo via Shutterstock


Stop Worrying About Mobile Ad Fraud Thanks to This New Tool

Stop Worrying About Mobile Ad Fraud Thanks to This New Tool

Leading mobile performance platform ClicksMob has announced the release of a new, cutting-edge fraud prevention system designed to detect and block false web traffic.

Dubbed Fraud Fighter, the preventative technology is set up to proactively address the rapidly growing threat of ad fraud by tracking, analyzing and vetting all incoming traffic to ensure it is genuine.

Last year, a report compiled by researchers at Forensiq and AppLift found that an estimated 34 percent of all mobile ads were at risk of fraud — meaning that the impressions generated by each promotion were likely to be fake.

According to ClicksMob CEO Avishai Shoushan, that fake traffic now costs U.S. advertisers an estimated $8.2 billion in wasted promotional investments.

“A lot has been said, written, streamed and more about ad fraud lately,” he said. “Fraud is one of the biggest challenges in the mobile advertising world, and if nothing is done, it will only continue to grow, undermining billions of dollars in valuable ad investments.”

Developers say that Fraud Fighter will be able to face the challenge of mobile fraud head-on.

How Mobile Ad Fraud Fighter Works

In order to gauge authenticity, Fraud Fighter regularly performs a series of tests in order to systematically detect and block all fraudulent traffic on a 24/7 basis. These tests have been designed by Israel Defense Forces’ elite cyber intelligence unit, and are set up to efficiently track and catalogue all malicious and non-malicious IPs. The system picks up on features like language and download times in order to generate a picture of whether that traffic is legitimate.

ClicksMob then monitors that activity around the clock, and uses the data to create new tests and more efficient methods of blocking fraudulent traffic.

The propriety system will be incorporated into ClicksMob’s existing customer packages free of charge.

“As a leading mobile performance platform with a core advantage rooted in the development of in-house tech, we approach fraud fighting as a strategically-wise and vital long-term commitment,” said company Chairman Eran Tal.

“We chose to develop our very own Fraud Fighter instead of opting for third party systems to keep in-line with our in-house standards of high quality,” Tal added. “We followed the same business logic when developing ClicksMob’s other offerings to much success thus far.”


PayPal Launches Programme to Protect Online Sellers From Fraud

PayPal Launches Programme to Protect Online Sellers From Fraud

Digital payments platform PayPal on Wednesday announced the launch of its “Seller Protection Programme for Intangibles” – an expansion of its existing seller protection programme that earlier only covered merchants selling tangible goods like handicrafts, fashion and art.

“Growing instances of online fraud act as a barrier for sellers selling online services and other intangible goods to clients abroad,” said Anupam Pahuja, Country Manager and Managing Director, PayPal India.

“With our Seller Protection Programme for Intangibles, we aim to empower freelancers and merchants in India to sell with confidence and assure them that they have our support to grow,” he added.

The Seller Protection Programme for Intangibles will cover two types of buyer complaints – “unauthorised transaction”, when a buyer claims that he or she didn’t authorise the payment and “item not received”, when a buyer pays for the service but claims that he or she did not receive the service, a company statement said.

The PayPal Resolution Centre will investigate issues and work with the sellers to ensure that they are protected against this type of fraud in genuine cases.

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Tags: Apps, Internet, Internet Security, PayPal, PayPal India

RBI operating on regulations to slash Fraud in electronic Transactions

RBI Working on Regulations to Curb Fraud in Electronic Transactions

The RBI is operating to put in location a regulatory framework to cope with customer criticism and legal responsibility troubles bobbing up out of frauds in electronic transactions, government stated Tuesday.

the matter is being further tested by way of the RBI to put in vicinity a regulatory framework for addressing purchaser criticism and legal responsibility problems springing up out of such frauds,” Minister of state for Finance Jayant Sinha stated during the query Hour within the Rajya Sabha.

He said the Banking Codes and standards Board of India (BCSBI) had in 2014 come out with arecommendation of proscribing the customer liabilities in case of frauds taking area via electronicchannels.

Replying to supplementaries, Sinha said there was too much of coins transaction in the Indian financial system.

“87 percentage transaction occurs in India in coins, which isn’t the case in different countries. so muchuse of coins transaction isn’t always proper…this will increase value of coping with exceptinconvenience,” he said and underlined authorities‘s committment to encourage cashless monetarytransactions.

The RBI in its ‘price machine imaginative and prescient document 2012-15′ for ushering in a less coinsfinancial system counseled drawing up of a policy framework setting up roles and obligations of banks and clients in electronic transactions to minimise fruads, restoration duties and 0 legal responsibilitysafety to increase client self belief.

The file had also advised drawing up a method for disincentivising utilization of cheques above a surethreshold restrict by way of clients and company which might also consist of prescribing a cut off limitfor cheques cleared thru clearing residence arrangements.

Sinha said a white paper became positioned with the aid of the department for public comments in 2013. “based totally at the reaction from the general public, the branch has no longer initiated any furthermovement“.

Sinha similarly said the government had pop out with a white paper on disincentivising paper cheques and sought public comments on it.

however, the comments had been not very encouraging. The charges levied for digital transactions operated by way of the financial institution are low and obvious,” he introduced.

Sinha in addition said that country wide payments organization of India (NPCI) has been given in-precept approval to be the Bharat invoice fee critical Unit (BBPCU) under Bharat invoice fee device(BBPS), an included bill payment device.

BBPS is an incorporated invoice payment machine to characteristic as a tiered structure for operatinginvoice fee system in India with a single emblem picture, presenting convenience of ‘each timeeverywhereinvoice price to clients.

the existing scope of BBPS will include application invoice bills consisting of strength, water, gasoline,phone and Direct-to-home (DTH).

we’re brining a revolution in virtual charge,” Sinha stated list numerous projects taken by using thegovernment to carry down the extent of coins transactions inside the united states. “when we’ve cash inmovement in financial system, we create a drag. If we move to digital, we will dispose of thosedifficulties,” he added.

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Tags: Cashless bills, India, internet, on line shopping, RBI