10 Tips to Help you Avoid Fraud

Posted by

Lynne Callister

on 07 Jun 2022


North of 360 000 cases of fraudulent behaviour was reported to the NFD over the past year. It's more important than ever to guard against this risk.

10 Tips to Help you Avoid Fraud

The majority of fraud cases reported relating to identity fraud, with an increase of 22% in this category. There is also a notable rise in the level of cyber-enabled activity and the cases of misuse of facility. The NFD predicts that this will continue to increase, making fraud avoidance a challenge.
Ten ways to prevent the risk of fraud

  1. Be vigilant
  2. Act ethically with integrity and honesty
  3. Only share information on a 'need to know' basis
  4. Make sure you don't become an unwitting accomplice
  5. Keep anti-virus software up-to-date
  6. Follow your company's information security rules
  7. Co-operate fully and immediately
  8. Watch out for possible signs of a DDoS attack
  9. Report any knowledge, suspicions or concerns
  10. Don't try to hide your mistakes

Free Fraud Prevention Good Practice Guide

1. Be vigilant

Conduct due diligence on all business associates and third parties to know whom you're dealing with. Watch out for tell-tale signs (red flags) of suspected fraud - including employee fraud, cybercrime, and customer or corporate fraud.

2. Act ethically with integrity and honesty

Only make honest declarations (about your credentials, qualifications and expenses); avoid giving unauthorised people access to your company's data, systems, or information.

3. Only share information on a 'need to know' basis

The fewer people you share information with, the less likely you will fall prey to identity fraud. It is important only to disclose the information if necessary, and you trust the recipient of that information.

4. Ensure you don't become an accomplice

It is important to be aware of becoming an unwitting accomplice. Make sure you are alert to the actions of unscrupulous employees, customers, suppliers or others in acts of fraud.

5. Keep anti-virus software up-to-date

Don't disable your anti-virus and ensure updates are installed as soon as they become available to plug known vulnerabilities.

6. Follow your company's information security rules

For example, make regular data backups, avoid sharing passwords, ignore unsolicited emails or phone calls requesting information (don't be pressured into breaching company rules), encrypt or password-protect sensitive or sensitive, avoid sharing passwords, ignore unsolicited emails or phone calls requesting information (don't be pressured into breaching company rules), and encrypt or password-protect sensitive or personal data sensitive or personal.

Don't click on links in unsolicited emails, avoid using public WiFi hotspots to link to your firm's network, and don't connect personal devices or download unauthorised apps.

7. Co-operate fully and immediately with IT

Guidance from IT designed to prevent fraud is valuable, so it's important to co-operate with their advice immediately, for example, on using firewalls, updating anti-virus software, avoiding malware, and so on.

8. Watch out for possible signs of a DDoS attack

Signs can include uncharacteristically slow response or network performance when opening or accessing files. Unavailable websites or an inability to access your firm's website could also indicate an attack and a dramatic increase in the amount of junk mail you receive.

9. Report any knowledge, suspicions or concerns

It is vital to immediately inform your manager or IT of anything suspicious or any errors you notice regarding any suspected fraud.

10. Don't try to hide your mistakes

The sooner you report your mistakes, the quicker your company will be able to limit its losses. You are more vulnerable to fraud attacks if you avoid admitting your mistakes.

Fraud Prevention Good Practice Guide

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