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Implement the Layered Defense Approach
Fraud comes at your business from any number of sources. The solution: a layer of safeguards that include strong tools, best practices and support. Combined, these create the Layered Defense Approach for cyber security and help protect your business from fraud.
Protecting your business can feel like a moving target – as new fraud schemes arise; you must adjust and add extra security measures. Fraudsters use various techniques, from simple scams such as spoof domains to hacking into your company’s network. Fraudsters play on employee’s emotions by impersonating company leaders including CEOs, CFOs, HR, Finance and Legal as well as vendors and other partners.
Fraud attacks can come from anywhere. Help protect your business by combining strong tools, best practices and support to create the Layered Defense Approach. When you do, you achieve the 4 key industry-standard measures for cyber security:
Implemented effectively, the Layered Defense Approach can help you reduce your company’s risk of falling victim to fraud.
Strong Tools are a part of how you build your Adaptive Security Platform. And Vectra Bank helps make a suite of security tools available to your business.
Best Practices are in your control. Start implementing them today, if you haven’t already. And know that Vectra Bank implements its own practices behind the scenes to help protect your information too.
With fraud coming at your business from both inside and out, vigilance is one of your best defenses. Vigilance in paying attention to employee and outsider behavior and ensuring you have the right tools and support in place.
Find the support your business needs to help fight fraud by implementing the Layered Defense Approach. These fraud-fighting tools act as the Adaptive Security Platform for your Layered Defense Approach. Implement them and spend your time reaching your business goals instead of potentially recovering from fraud.
A feature of Vectra Bank® Business Online Banking that helps segregate duties and manage user access for any payment or administration function. Helps prevent:
A security chip present in all Vectra Bank debit and credit cards. Vectra Bank will also offer updated POS devices to help businesses make credit card transitions as chip cards become standard. Helps prevent:
A security enhancement that uses a one-time password to further protect and authenticate a business’s online transactions. Helps prevent:
Everyday behaviors cost North American companies roughly $3.5 billion annually. (Source: CyberSource® 2013 Online Fraud Report)
Not only does fraud cost businesses’ bottom lines, it can cost their customers, their reputations and their credibility. Some of the most prevalent fraud schemes businesses face today are outlined below.
PROBLEM: Accounts receivable (AR) fraud comes entirely from within your company. Your own employees can steal funds, both online and offline, and alter records with fake write-offs, fictitious balancing and fraudulent debiting. One of the more common AR fraud schemes is called lapping, where employees continuously steal customer payments to cover their theft of previous customer payments.
SCOPE: According to estimates, 80% of the fraud cases are asset misappropriations, including accounts receivable fraud. (Source: Report to the Nation on Occupational Fraud and Abuse. Association of Certified Fraud Examiners (ACFE), 2002.)
PROBLEM: ACH Payments fraud can come from employees or outside criminals. It’s one of the easiest ways to defraud your company. All a perpetrator needs is a checking account number and bank routing number, which are frequently collected with the help of Trojans and other malicious software.
SCOPE: In 2014, 22% of organizations were affected by ACH debit fraud while 9% experienced ACH credit fraud. (Source: 2014 AFP Payments Fraud Survey)
PROBLEM: Wire fraud can come from employees or outside criminals. Employees commit wire fraud by creating fake vendor accounts to pay themselves. Outsiders pose as vendors you already work with and request payments, usually by email or phone.
SCOPE: In 2013, 14% of businesses were victims of wire transfer fraud. (Source: 2014 AFP Payments Fraud Survey)
PROBLEM: Credit card theft is one the most prevalent methods of fraud. Card data is usually stolen when you make a purchase on a fake web site or fall victim to phishing. Criminals steal credit card data virtually then proceed to spend your money on withdrawals or purchases.
SCOPE: 65% of organizations discovered they’d had credit card data stolen and then used to make fraudulent transactions in 2013. (Source: RSA-2013 Fifth Annual Online Fraud Benchmark Report). For businesses that experienced attempted or actual payment fraud in 2012, 43% cited credit cards as the method used. (Source: 2014 AFP Payments Fraud Survey)
PROBLEM: It’s easy today for fraudsters to make fake checks. Such “bad checks” often accompany lottery scams, check overpayment scams, Internet auction scams and secret shopper scams. Check washing involves erasing written details from a check. Criminals use a “washed” check to make fraudulent withdrawals and commit other types of theft. Checks are usually stolen from mailboxes when a bill payment is mailed.
SCOPE: In 2013, 82% of organizations experienced actual or attempted check fraud. (Source: 2014 AFP Payments Fraud and Control Survey)
PROBLEM: When a criminal gets hold of personal or login information, he can sign up for credit cards in your name, transfer or steal your money—all while posing as you. Online, this type of fraud happens thru phishing attacks, malware installed on your computer and phony web sites that seem legitimate, but actually steal your login credentials.
SCOPE: Of the businesses that detected a fraud attempt in 2012, 71% reported that the scheme was an online account takeover with fraudulent money transfer. (Source: RSA-2013 Fifth Annual Online Fraud Benchmark Report).