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Some fundamental fraud awareness training can help in your everyday life: the next time someone’s talking about your information, watch their face.
We’ve looked at ways to combat electronic criminals, and while it’s true that cyber security is important, it’s also wise to stay alert when dealing with living, breathing people. There are many everyday situations in which your most personal information might be in the hands of a stranger, whether you’re making a purchase, confronting a possibly fraudulent employee or performing a bank transaction. In her book “Body Language Confidential,” author Traci Brown identifies many basic things you can do to check if someone is trying to scam you right in front of your face.
Let’s start with the face. One key indicator is when a person rubs or scratches their face after being asked a question. This might seem like a fairly obvious giveaway, but you’ll be surprised how often you’ll see this little move in action. According to Brown, this is a physical reaction to lying, which raises the potential scammer’s blood pressure.
Posted in Fraud Detection & Prevention by Identity Theft Speaker John Sileo.
Tags: fraud awareness training, Fraud Detection
Businesses may already be rushing to protect their financial information, but other kinds of personal data are at risk, too. Case in point: medical records.
Big companies with huge profit margins might seem like the most attractive targets for identity theft and fraud. After all, what more direct way to get at your money? But there are other ways an outsider could infiltrate your personal data. Right now, security around healthcare information is a big concern, and fraudsters are lying in wait to pounce on gaps in the system.
Recently, the Montgomery Advertiser reported the story of National Guardsman Zane Purdy, who fell victim to a particularly nasty bit of fraud that cost him his high-paying job. Now he's a waiter making fewer than eight dollars an hour, barely enough to support his wife and two kids. Purdy's story is heartbreaking, and he's only one of the more than 800 people taken advantage of by the same criminal.
Posted in Fraud Detection & Prevention by Identity Theft Speaker John Sileo.
Tags: Fraud Detection, Fraud Prevention, identity theft and fraud
Most inside fraud is committed using the barbecue approach – “low and slow.”
A recent study conducted by Carnegie Mellon University’s CERT Insider Threat Center examined 80 instances of insider fraud. What researchers discovered is that the most damage to companies and their clients was done when criminals pilfered small amounts over extended periods of time. This makes it easier for them to evade detection and cause serious harm.
If you’ve never watched the Food Network, low and slow is the best way to cook barbecue. Really, it’s the only way. You get the juiciest meat and best flavor. When miscreants apply this approach to fraud, they get the same result. There’s no sudden flare-up that catches anyone’s attention and they can usually make off with more of your money than if they tried for one big score. Fraud detection efforts have to account for this if they are to be successful.
Posted in Fraud Detection & Prevention by Identity Theft Speaker John Sileo.
Tags: Fraud Detection, Fraud Prevention
Insider fraud struck again yesterday, this time resulting in charges being filed by the U.S. Securities and Exchange Commission (SEC).
According to the SEC, a former executive in the Stamford, Connecticut offices of a New York-based broker-dealer deceived clients when selling them mortgage-backed securities (MBS). He allegedly told them that his firm paid more for the MBS than it actually did, or made up a fictional seller and arranged supposed trades, when in reality he was selling out of his company’s own inventory at higher prices to bank a better profit.
In the SEC filing, the former exec was said to have swindled his clients and brought in nearly $3 million in additional profits. While the duplicitous activity went unnoticed for a time, his star rose within the company and so did his bonuses.
Posted in Fraud Detection & Prevention by Identity Theft Speaker John Sileo.
Tags: fraud awareness training, Fraud Detection, Fraud Training
The havoc wrought by insider fraud can have far-reaching consequences for both your company and clientele. Several recent examples have proven how damaging fraud can be in the financial sector. But, in truth, there isn’t a single industry today that can afford to forego implementing safeguards.
According to an article at online news source Bank Info Security, one such incident in Ohio earlier this month lead to the collapse of a credit union and a man being sentenced to 37 months in prison for loan fraud and money laundering. About a week prior, two former employees of Chemung Canal Trust Company Bank pleaded guilty to masterminding a seven-year embezzlement scam that cost the bank roughly $325,000.
Insider fraud, also known as friendly fraud, is a difficult topic for many businesses to tackle because it involves trusted employees betraying the companies they are supposed to be – and often appear to be – loyal to. However, the dangers are far too real to be ignored, and fraud detection must be a top priority.
Posted in Fraud Detection & Prevention by Identity Theft Speaker John Sileo.
Tags: anti-fraud training, Fraud Detection, Fraud Prevention, fraud workshop
In the first part of this article series, we discussed why it is so important to protect your business data, including the first two steps in the protection process. Once you have resolved the underlying human issues behind data theft, the remaining five steps will help you begin protecting the technological weaknesses common to many businesses.
- Start with the humans.
- Immunize against social engineering.
Posted in Burning Questions (Video), Cyber Data Security, Fraud Detection & Prevention, Identity Theft Prevention, Video Tips by Identity Theft Speaker John Sileo.
Tags: "Data Privacy", Business Security, data security, Detection Fraud, Engineering Social, Fraud, Fraud Detection, Fraud Expert, Fraud Speaker, Fraud Training, identity theft expert, Identity Theft Prevention, information, John Sileo, Keynote, Keynote Speaker, Part 2, Part II, Prevention, Privacy, professional speaker, Protection, Security, social engineering, social engineering expert, Speaker, Technology, Training Fraud
Businesses often make social engineering (or fraud) training boring! And that’s bad for your bottom line, because no one ends up remembering how to protect your organization against threats like data theft, corporate espionage or social networking exposure.
Too often, fraud and social engineering workshops cover just the concepts that define fraud rather than the feelings that signal it’s actually in process at the moment. The key to training your executives, employees and even customers on fraud is to let them experience what it feels like to be conned. In other words, they need to actually be socially engineered (manipulated into giving away their own private information) several times throughout the training so that they begin to reflexively sense fraud as it is happening. Like learning to throw a ball, there is no substitute for doing it for yourself. Fraud detection is similar; it takes actually doing it (or having it done to you) to fully understand the warning signs. Anything less will leave your audience yawning and uneducated.
Posted in Burning Questions (Video), Cyber Data Security, Fraud Detection & Prevention, Identity Theft Prevention, Video Tips by Identity Theft Speaker John Sileo.
Tags: Detection Fraud, Engineering Social, Fraud Detection, Fraud Expert, Fraud Speaker, Fraud Training, identity theft expert, John Sileo, Keynote Speaker, professional speaker, social engineering, social engineering expert, Training Fraud
Businesses often make social engineering (or fraud) training boring! And that’s bad for your bottom line, because no one ends up remembering how to protect your organization against threats like data theft, corporate espionage or social networking exposure.
Too often, fraud and social engineering workshops cover just the concepts that define fraud rather than the feelings that signal it’s actually in process at the moment. The key to training your executives, employees and even customers on fraud is to let them experience what it feels like to be conned. In other words, they need to actually be socially engineered (manipulated into giving away their own private information) several times throughout the training so that they begin to reflexively sense fraud as it is happening. Like learning to throw a ball, there is no substitute for doing it for yourself. Fraud detection is similar; it takes actually doing it (or having it done to you) to fully understand the warning signs. Anything less will leave your audience yawning and uneducated.
Posted in Fraud Detection & Prevention, Identity Theft Prevention by Identity Theft Speaker John Sileo.
Tags: Business Speaker, Detection Fraud, Engineering Social, Financial Speaker, Fraud Detection, Fraud Training, Fraud Training Expert, social engineering, Social Engineering Speaker, Training Fraud
Businesses often make fraud training boring! And that’s bad for their bottom line, because no one ends up remembering anything about the subject.
Too often, fraud and social engineering workshops cover just the concepts that define fraud rather than the feelings that signal it’s happening. The key to training your executives, employees and even customers on fraud is to let them experience what it feels like to be conned. In other words, they need to actually be socially engineered (manipulated into giving away their own private information) several times throughout the training so that they begin to reflexively sense fraud as it is happening. Like learning to throw a ball, there is no substitute for doing it for yourself. Fraud detection is similar; it takes actually doing it (or having it done to you) to fully understand the warning signs. Anything less will leave your audience yawning and uneducated.
Posted in Fraud Detection & Prevention, Identity Theft Prevention by Identity Theft Speaker John Sileo.
Tags: Detection Fraud, Engineering Social, Expert, Fraud Detection, Fraud Speaker, Fraud Training, social engineering, Training Fraud
