Top 3 Misconceptions Of FRAUD RESOLUTION That can Cost You A Pretty Penny...
As extremely effective and extremely wealthy credit rating organizations (Equifax = $1.5B in 2014 profits and $2.2B in total annual revenue) have successfully seized the fraud resolution Google searches through heavy SEO investments, the majority are confused by the term “fraud resolution” which term definitely needs demystification.
Fraud resolution is described as: - fraud resolution
According to 38 USCS § 5727 [Title 38. Veterans' Benefits; Part IV. General Administrative Provisions; Chapter 57. Records and Investigations; Subchapter III. Information Security], fraud resolution services means “services to help you an individual in the process of recovering and rehabilitating the credit of the individual after the individual experiences identity theft.”
As fraud resolution is done by over 100,000 Certified Fraud Examiners (CFEs), Certified Id theft Risk Management Specialist (CITRMS) and Certified Financial Crime Investigators (CFCI) yearly at corporate and governmental levels, fraud resolution is really defined as services to help all types of defrauded entities upon the whole lifecycle of fraud crimes.
Allow me to share the top 3 misconceptions that cost people and organizations billions yearly:
THERE Will be more THAN ONE TYPE OF FRAUD RESOLUTION, INCLUDING: CORPORATE, GOVERNMENTAL, INDIVIDUAL AND HYBRIDS. The same as 1 in 3 individual is afflicted with fraud (according to ACFE Report to the Nations), corporations and governments can also be defrauded. Credit scoring organizations charge a monthly fee to ensure partial monitoring protection of individual and corporations. As some may question this partial statement, That's not me aware of any credit reporting agency that will perform and guarantee the full analysis of your stolen data being resold from one criminal organization to other people on a 24*7 basis over the Deep & Dark Web.
FRAUD RESOLUTION STEMS WAY BEYOND CREDIT MONITORING: Entities besides the national Big 3 credit scoring agencies offer fraud resolution services to more diversified audiences. You will need to understand that even if you got notified of a breach and are granted credit monitoring services, it won't necessarily protect your small business against more lethal criminal pursuits like on-going theft of ip through undetected cyber-leaking back-doors or usage of your stolen identities to enable sextortion and organ trafficking worldwide. Fraud resolution thus remains not synonymous into a simple band-aid breach notification. It can be much more comprehensive and may include all steps of fraud (e.g. detection, analysis, recovery and tax audit resolution.) To idly feel that credit monitoring fixes all your challenges is truly myopic, ignorant and dangerous.
TRUE FRAUD RESOLUTION RARELY INVOLVES COURTS : Upon being severely defrauded or cyber-attacked, most executives will speed-dial their lawyers, whereas most people will deny that anything is wrong, hope that their credit scoring agency will fix the matter on its own or start praying. Neither of the approaches is cost-efficient nor will make sure prompt recovery. An illustration of this this fact is the $439+ Million Dollars that Walmart spent over 24 months in legal fees trying to resolve a bribery probe. As fraud is estimated to develop by a factor of 10x each year, the longer fraud lingers, a lot more likely it will grow like gangrene therefore the chances of recovery tend to be lessened. So, in case you consider resolving fraud through standard civil or criminal processes (which usually takes 2 to 10 years), you may as well kiss your valuable stolen assets goodbye! On this note, did you know that only 14% of fraud victims ever make a full recovery? Generally, it is best to contact a certified and licensed fraud examiner, or even a forensic accountant (both of which are normally much cheaper than a lawyer), to verify your suspicions, assemble evidence that will later be admissible in the court and provide you with recommendations as per how to best resolve your cyber-security and fraud challenges. They are able to assess the size of your complete loss as well as the damages owed to you personally. Just like you may not need to consult with an oncologist every time you catch the flu, you will need to combat common challenges like cyber-security and fraud with all the appropriate resources. Here's an example of a scenario the place where a fraud investigator is undoubtedly your first best option: a business executive is suspected of having been defrauding your company for quite some time. To avoid unsupported crisis management issues with your investment community and criminal charges to your organization, it is best to employ a fraud investigator to do a preliminary covert investigation and gather evidence about any crime potentially being committed. Occasionally, all of the evidence secured might be circumstantial, meaning you may want to re-assign this employee to an alternative role, provide them with training or, gently mention roles within other organizations that they can be best suited for. Until actual fraudulent wrong-doing has had place and can be proven, such a challenge may be best resolved internally, cost-efficiently and expediently. Furthermore, if you choose to prosecute the case legally, as approximately 30% of fraud incidents involved 2 or more schemes, you may need to hire a specialist that can help you address which fraud schemes were committed, in addition to which court(s) could possibly be best suited to your needs (e.g. administrative, civil, criminal, military, international, etc.)
Several firms offer cyber-security and fraud resolution services. Make certain you engage the services of certified, licensed, insured and proven professionals. As corporate executives now have to endure around 9 lawsuits during their professional career and white collar criminals have grown to be more astute in their defrauding approaches, immediately supplement your speed dial emergency set of contacts and call, upon suspicion of crime, the experts of M-CAT Enterprises at (512) 535-0012. - fraud resolution