Fraud Assessment represents three aspects of a constantly fluid and changing crime, that being Prevention, Identification and Mitigation WHEN the fraud takes place.
PEVENTION is a matter of establishing the methodologies and strategies that are required to use best efforts to protect an individual, company, service entity or government agency from fraudulent attacks which can be internally, externally or a combination of both.
From scams, to identity thefts – from schemes to company identity take-overs, fraud is faster, more efficient, learns better, and ultimately can stay one step ahead of those who attempt to stop it – Fraud is human.
With the best automated systems, they are guaranteed to be breached and in many cases utilized to the benefit of the fraud scheme or attack. Fraud cannot be stopped just by automated protection alone. It is a matter of a balance program of manual operations, protocols and methodologies complemented by automated programs and systems.
As you read the various articles and papers, remember that fraud is constantly evolving and adapting to every strategy we come up with to stop it. It cannot be stopped or eliminated; however it can be contained and WHEN the fraud takes place we can IDENTIFY it as efficiently as possible. Identification is critical when assessing the nature and the degree of the fraud breach, so as to MITIGATE the damage and fallout that it has cause. Finally to learn from the mistakes and weaknesses identified and correct those weaknesses along with updating the anti-fraud-post-fraud strategies and protocols. It is a full-time real-time responsibility.