This week is National Consumer Protection Week. The Risk Resources Group is joining NCPW in order to highlight the incredible importance of consumer education in the fight agains fraud. Please visit ncpw.gov for consumer tips, materials and free resources. Other free resources are available at www.riskresourcesgroup.com and www.infragardawareness.com.
Have you been a victim of identity fraud? Featured
Written by Jon McDowall, CFE, PCI, CIFI, CIIEvery year, millions of people fall victim to identity fraud. In many ways, this is an equal opportunity crime, affecting persons of every social strata, race and religion.
Increasingly, I've come across situations in which victims "give up" in their recovery efforts. Having helped identity theft victims for 12 years, I understand that it can be exceptionally frustrating to try to reclaim what others often take for granted - reputation, credit standing and, if you will, your identity.
However, no matter the circumstances, you simply cannot give up. If you've joined the ranks of the millions of identity theft victims, you really need to take steps toward recovery. If you're unsure where to start, please feel free to view or download our free recovery guide: "Reclaiming Your Identity: 10 Steps to Fraud Recovery" at http://www.riskresourcesgroup.com/services/identity-risk-resources
Because I've seen identity fraud re-visit its victims on multiple occasions over several years, this is a problem that simply cannot be ignored. We're here to help, if you need: assistance(at)riskresourcesgroup.com.
-Jon McDowall, CFE, PCI, CIFI
Online Trust Alliance releases 2011 Data Breach Incident Readiness Guide Featured
Written by JonThe Online Trust Alliance (OTA) has released the 2011 Data Breach Incident Readiness Guide, an excellent business resource for breach prevention and incident management. This year’s report also addresses emerging security and privacy threats facing businesses, large and small. This guide is available for businesses to download for free.
For free information security awareness training for individuals and businesses with 50 or fewer employees, consider the InfraGardAwareness initiative, a cooperative effort between the InfraGard National Members Alliance and the Center for Information Security Awareness.
It’s important that businesses everywhere prioritize information security and data protection and consideration should be given to including these free resources as part of your firm’s arsenal.
-Jon McDowall, CFE, PCI, CIFI
Everyday, we see stories of embezzlement and internal thefts taking a toll on businesses. Today’s story in the Cattanooga Times Free Press tells the story of a $10,000.00 loss at a medical practice and how 18 percent of medical practices surveyed have lost over $100,000.00 to internal thefts.
Many organization feel that “It can’t happen here.” We find that this head in the sand approach is no longer the norm. Corporate managers, small business owners, and risk professionals are now realizing that fraud, embezzlement, and internal theft can happen anywhere and bring with it significant loss.
What is your company doing to assess the fraud risks in your organization. Our research and experience shows that the fraud risk assessment is one of the best tools available to understand your risks and prevent possible losses.
That bears the question, how do you assess your fraud risk? In the initial assessment, we examine the possibilities for loss:
• How might a fraud perpetrator exploit weaknesses in the organization?
• How could a perpetrator override or circumvent controls?
• What could a perpetrator do to conceal the fraud?
We test the scenarios to examine how likely they are to occur, then determine the significance of it on the organization. Balancing internal controls with the need to conduct business is essential; but, building a prevention, detection, and deterrence plan will help protect the organization from the catastrophic events that fraud can cause.
Whether you operate a small, family owned business or manage a corporate audit department; assess your fraud risks, before it is too late.
Anthony W. Midthun, CFE, CIFI, SCLA
Risk Resources Group
Your Partners in Fraud Risk Management
866.355.3866