Anti-Fraud Committee Fraud Awareness For Merchants

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1 Anti-Fraud Committee Fraud Awareness For Merchants 1

2 Educate as to how certain fraud typologies can affect you, the merchant To be more aware of fraud and fraud incidents in the workplace and business environment To provide tips on how to prevent and/or reduce the risk of you and your business becoming a victim of fraud 2

3 A false representation of a matter of fact whether by words or by conduct, by false or misleading allegations, or by concealment of what should have been disclosed that deceives and is intended to deceive another so that the individual will act upon it to her or his legal injury. (Source - Blackstone s Legal Dictionary) 3

4 A material false statement, knowledge that the statement was false when uttered, reliance on the false statement by the victim to act on it and damage as a result 4

5 The Internal Elements of Fraud What happens at your place of business The External Elements of Fraud Is your place of business a target for Organised Crime (fraud) 5

6 Internal Fraud a.k.a. occupational fraud can be defined as: the use of one s occupation for personal enrichment through the deliberate misuse or misapplication of the organization s resources or assets. Simply stated, this type of fraud occurs when an employee, manager, or executive commits fraud against his or her employer. 6

7 The best and most widely accepted model for explaining why people commit fraud is the fraud triangle. This is a model developed by Dr. Donald Cressey, a criminologist whose research focused on embezzlers people he called trust violators. 7

8 FRAUD OFFENCES Over 2, Under 2,

9 You may not be able to prevent yourself from being a Target to fraud but you do not have to be a Victim 9

10 Credit Card Managers Cheque Online (wire transfers) 10

11 Section 1 11

12 What is Skimming The surreptitious act of copying the encoded card information off the magnetic strip of either a credit or debit card with the intent to create a cloned card to facilitate fraudulent transactions on the legitimate account (Source - BATT) 12

13 At the Cashier Hand held skimming device Cards are swiped unsuspecting of the customer using skimming device 13

14 Stolen Cards Cards are taken at the point of purchase Cards used without the consent of the card/account holder (domestic situation) Lost Cards Lost cards are used to assist with stolen card typology Report lost/stolen cards to your bankers immediately Be aware of the bank s hotline numbers and reporting options for your bankers 14

15 Rogue Employee using skimming device (reputational risk) Bust Out Merchant Fraud colluding with the fraudster in using stolen/fraudulent cards (prosecution) gets a % of the settlement (operating a/c) Proof in the receipt as evidence of sale (proper storage) Ecommerce merchants Data security 15

16 Be wary of suspicious card holder behaviour More than one card to effect one purchase Choosing goods randomly/ shopping in groups Purchasing multiple high ticket items Multiple foreign Cards in his/her possession Compare the signature on the receipt, by holding on to the card, against the signature on the reverse of the card Ensure the gender of the card corresponds to the customer 16

17 Monitor payment area/workstation for skimmers/lost cards Educate/train your employees Examine your terminals (portable) Segregation of Duty (business cards/ reconcile account) 17

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19 Managers Cheques Call your bank to verify cheques drawn on your bank Do not release goods/services before verifying the authenticity of the cheque Exercise caution when dealing with new clients Ask for your account relationship manager to verify the cheque Look for the security features listed on the face of the cheque these features are listed next the padlock Look for the bleed through feature on the MICR line 19

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21 In 2008, a cyber attack effectively crippled the entire nation of Estonia for a few days. In 2009, the US president called cyber threats one of the greatest challenges to his country s economy and national security. Q1 2013, McAfee detected 14 million new pieces of malware. In 2013 there are 82,000 new malware variants discovered per day. In 2015, a survey found that the greatest threat to businesses are cyber-related threats. 21

22 Phishing A fake pretending to be from a bank or other organization claiming to need your account details or other personal information Malware (banking malware) Malicious Software (specifically designed for financial transactions) 22

23 Social media scams Social Engineering The art of manipulating people into performing actions or divulging confidential information 23

24 Social Media Facebook ; Twitter ; Instagram etc 24

25 Hard Copy Instructions via Letter Heads Sent to the bank via courier Subsequent calls to support instructions Internet Cyber Crime Sending instructions to your banker via to process wire Intercepting s with payment arrangements and redirecting wire to another account, at another bank, in another jurisdiction. 25

26 Do not send private or financial information via an unsecure address Do not respond to unsolicited s Do not access any online facility via an Don t be the weak link Don t click on the hyperlink (Source - BATT Inter Bank Fraud Committee) Reconcile your account/s on a regular basis. 26

27 Use (and protect) strong PINS and passwords (use phrases e.g Lara is the best ; election is tomorrow etc.) Keep computers updated (No Windows XP!) Do annual security awareness training (include social engineering training) Get experts to install and maintain firewalls & antimalware Do online banking from secure computers only Be careful what you put online (website, social media) Use safely 27

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