Magazine article Risk Management

Fighting Fraud

Magazine article Risk Management

Fighting Fraud

Article excerpt

Fed by the Internet and other sophisticated technologies, losses due to fraud are climbing at the astronomical rate of 15 percent each year.

"The same advances in technology that have created dynamic new opportunities for economic growth have also created dangerous new opportunities for fraud," reports Norm Willox, president of the National Fraud Center. Over the past ten years, high-tech criminals have taken advantage of the drop in government spending for fraud investigation. In this brave new world, the onus rests almost entirely on private enterprise to combat the problem. "As criminals become more sophisticated, it is important that corporations and government agencies have access to the latest methods to battle this type of crime," notes Willox.

Solutions currently available range from fraud prevention and investigation programs to comprehensive risk management services. By identifying fraud and risk exposures, conducting basic due diligence, and vigorously investigating fraud, businesses can battle this multi-billion-dollar problem.

New tools to slash the soaring trend of online payment fraud--now estimated at $1. …

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