Help Fight Financial Crime

Fraud is not new, but it is changing. New technologies have revolutionised the way we socialise and do business, but living in an always-on culture has made us more vulnerable to fraud than ever before.

This International Fraud Awareness Week, we’re asking you to join the fight against financial crime. We spoke to Senior Investigator Carminda Sasman from Sanlam’s Forensic Services division about the little things you can do to protect your personal information and outsmart the modern-day fraudster.

1. Think before you click
We might think we’re pros at spotting the common phishing scam, but the more sophisticated fraudster goes to great lengths to make their work appear legitimate – swopping out poor spelling and suspect URLs for social engineering tactics to get their target to reveal sensitive information or click on a malicious link.

Tip: No one should ever ask you for personal information like your PIN or login details via email, on social media or even over the phone. If you receive a suspicious email or social media link at work, contact your IT support team immediately to verify it.

2. Strengthen your passwords
If a fraudster can’t get to you to divulge your personal information, chances are they’ll search for it themselves. It’s not uncommon for hackers to publish password lists online, so it’s up to you to come up with the most secure (and obscure) password possible.

Tip: Instead of using information that may be public – like your birthday or phone number – use the first letters of a song title or phrase you like, combine upper and lower case letters, and add some numbers and special characters to the mix. Always use different passwords for private or work use.

3. Wise up to business fraud
The reason financial crime like money laundering and payroll schemes go unreported is because employees don’t really know what to look for. “We see money laundering in movies and think we know what it’s about, but it’s so much closer to home,” says Sasman.

Tip: Stay informed. Read up on the different types of business fraud and look out for the warning signs from clients and fellow employees, such as reluctance to provide information, incomplete or inconsistent information, and suspicious money transfers.

4. Be careful of what you share
We may not think twice about what we share when setting up a social media profile, but even the basics like your full name, birthday and relationship status can be used to steal or misappropriate your identify to commit financial crime. “Fraudsters are past the days of dumpster diving,” explains Sasman. “They don’t have to go to that effort anymore – it’s all out there for them.”

Tip: Google yourself to see if there’s anything personal online that may make you a target and keep updating and using the security and privacy tools made available on your social networking platforms and mobile apps. “If you’re not going to protect your own data – no one else is going to.”

Read the full article at: https://www.sanlam.co.za/blog/articles/Pages/help-fight-financial-crime.aspx 

September 10 2018 By Carminda Sasman, Sanlam’s Forensic Services - Sanlam.co.za Financial Planning