{"id":9170,"date":"2017-05-04T12:47:32","date_gmt":"2017-05-04T12:47:32","guid":{"rendered":"https:\/\/sg.syspro.com\/blog\/simple-ways-to-fight-business-fraud-part-2\/"},"modified":"2021-03-04T14:49:39","modified_gmt":"2021-03-04T14:49:39","slug":"simple-ways-to-fight-business-fraud-part-2","status":"publish","type":"post","link":"https:\/\/sg.syspro.com\/blog\/planning-for-erp-or-purchasing-erp\/simple-ways-to-fight-business-fraud-part-2\/","title":{"rendered":"Simple Ways to Fight Business Fraud Part 2"},"content":{"rendered":"

In my first \u201cfighting fraud\u201d blog<\/a>, I talked about fighting fraud on the human front.\u00a0 And as promised this blog covers some basic tips to start fighting fraud on the technology front.<\/p>\n

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\u2019s not a \u201cone size fits all\u201d when it comes to business fraud.<\/p>\n

Just to recap, fraud comes from two main sources: internal and external, and it\u2019s 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.<\/p>\n

Fighting Fraud on the Technology Front<\/strong><\/p>\n

    \n
  1. Protect all assets, not just physical ones<\/strong><\/li>\n<\/ol>\n

    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 \u2013 bring your own device) and download commercially sensitive customer and product data.\u00a0 Work with your IT team or provider to tie down your security \u2013 whether your data is on premise, or in the cloud.<\/p>\n

      \n
    1. Protect yourself from online fraud<\/strong><\/li>\n<\/ol>\n

      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.\u00a0 Start with a robust customer registration and identity process, ideally one that uses IP intelligence and geolocation technology.\u00a0 They still give customers a seamless experience, with checks carried out in the background \u2013 but they protect you.<\/p>\n

        \n
      1. Work with your technology provider<\/strong><\/li>\n<\/ol>\n

        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.\u00a0 Remember that each security benefit has costs, both in terms of the actual technology, but also for the accompanying processes.\u00a0 You need to get the right balance for your business.<\/p>\n

          \n
        1. Keep an eye on maturing technologies<\/strong><\/li>\n<\/ol>\n

          Technologies like BlockChain<\/a> 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.\u00a0 Of particular interest to manufacturers and distributors will be the use of Blockchain alongside Intelligent Devices (or IoT \u2013 Internet of Things).\u00a0 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.<\/p>\n

          And remember, just implementing the technology is not enough. It\u2019s all for nothing if the people inside the business don\u2019t have the right policies and processes, haven\u2019t had the right training and aren\u2019t the people you think they are.<\/p>\n","protected":false},"excerpt":{"rendered":"

          Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>In my first \u201cfighting fraud\u201d blog, I talked about fighting fraud on the human front.\u00a0 And as promised this blog covers some basic tips to start fighting fraud on the technology front.<\/p>\n","protected":false},"author":139,"featured_media":6871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[272],"tags":[81,25],"class_list":["post-9170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planning-for-erp-or-purchasing-erp","tag-maintaining-upgrading-erp","tag-technology-or-enterprise-technology"],"acf":[],"yoast_head":"\nSimple Ways to Fight Business Fraud Part 2<\/title>\n<meta name=\"description\" content=\"To fight fraud you need to employ both a human and a technological fraud fighting strategy. 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