Fraud management is other people’s responsibilities: true or false?

If you answer true, you need to read this article for reasons why every person has to play a cyber part.

Numbers and studies have shown that over the past year, fraud and scam cases have risen rapidly across the Asia Pacific region (APAC) as part of the rapid growth of digital commerce.

If left unchecked, fraud it can result in serious monetary and reputational damage. In one APAC study, 5% of consumers surveyed across Australia, China, India, Indonesia, Malaysia, and Singapore had cited that at least one of the fraud incidents they had encountered had resulted in substantial monetary or reputational damage.

For businesses, the indirect impact of fraud, such as reputational damage, can leave a long-lasting negative impression on their customers. At a time when cybersecurity is a top priority, consumer trust, retention, and business growth go hand-in-hand.

However, are only accounting and IT personnel specializing in intercepting fraud responsible for protecting consumers? No: the better answer is “everyone”. 

Not a lone responsibility

When cybercriminals are relentlessly innovating to capitalize on new opportunities and coming up with new and creative ways to commit crimes, organizations can no longer rely on just a small group of fraud specialists or personnel tasked with fraud management.

Instead, they need to move beyond manual strategies and invest in AI and ML solutions that work around the clock to supplement human teams. Such solutions can even anticipate cybercriminals’ next moves and be one step ahead in protecting consumers online.

For example, AI has the capability to not only ensure early detection of fraud risk, but can recommend appropriate actions to address it. This frees up manpower to focus on higher-level activities and implement better systems to keep customers protected, whilst also providing a seamless digital experience.

Another responsibility falls upon policy makers and leaders: For instance, in often viewing phishing as a low-level crime and not according top priority to staff cyber awareness training, cybercriminals have capitalized on the complacency and gone on a rampage.

If organizations do not make every staff a stakeholder in fraud prevention and cybersecurity, threat actors will only continue to rake in huge dividends and become even more formidable.

How should consumers becoming victims?

While organizations are undoubtedly responsible for protecting customers from fraud, consumers need to take responsibility for protecting themselves.

Rather than pushing the responsibility wholly onto others, each consumer needs to know their first-line defenses, such as using strong unique passwords and enabling multi-factor authentication.

Fortunately, consumers are beginning to view online security as a priority, because whether we like it or not, the responsibility of ensuring a safe and secure online environment does not fall upon the shoulders of a single entity or person. 

Each and every one of us has a role to play in ensuring we are well protected from fraudsters and cybercriminals in this digital age.