When businesses consider fraud protection measures, there is often a focus on technology – whether it’s installing new systems, upgrading software, or leaning on the technology of key partners. The reality is, employee education, processes and planning will make the biggest impact.
Fraud prevention is a top priority for businesses of all types and sizes, all over the world, as cyber incidents are becoming more frequent and more severe. Many business owners seek solutions in the form of technology – in fact, spending in cyber security technology has risen considerably over the last few years1. At the same time, investment in anti-fraud technology is higher than ever across sectors, as banks, telcos and software developers are working hard to protect their clients.
Technology is only one part of fraud protection. Employee education, strong processes and a recovery plan are just as critical.
While investment in fraud prevention technology is undoubtedly good for business, it is only one part of the equation when it comes to protecting your business from cyber threats. Educating your people, implementing processes, and having mitigation plans in place are equally – if not more – crucial.
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