Digital fraud is on the rise🔥

Recent research reports that digital fraud threats faced by organizations have increased by 46% since the COVID-19 outbreak began. Pointing out that many sectors, especially telecommunications, and especially young users are targeted by cyber attackers, cyber security experts share 5 effective fraud and risk management strategies to strengthen against attacks.
While many institutions are trying to speed up their digital processes due to the pandemic, they continue to be subjected to intense attacks by cyber attackers who want to take advantage of the situation. In fact, recent research shows that digital fraud threats faced by institutions have increased by 46% since the COVID-19 outbreak began. Pointing out that these attacks, which disrupt various sectors, especially the telecommunications and financial services sectors, affect the Z generation to a high degree, esperts conveys 5 effective fraud and risk management strategies for companies that want to protect company and customer information against digital attacks.

✅Cyber ​​Attackers Mostly Target Telecommunications and Financial Services Industries

While digitalization continues to be one of the primary goals of many institutions, attackers are trying to diversify their attacks against sectors with different digital dynamics. Stating that telecommunications is one of the sectors most affected by cyber attacks with a rate of 57.52% and credit card fraud is the most common threat encountered in this sector, Reminding that the attackers try to adapt their abilities with various techniques even under difficult conditions,

🔥Institutions Targeting Generation Z Should Be Careful!

Although the pandemic provides an opportunity to digitize not only institutions but also consumers, many users remain vulnerable to cyber attacks. According to the researches, while the Z generation is reported as the most targeted group among any generation with a rate of 42%, this is followed by the Y generation with a rate of 37%. Stating that protecting personal data is a necessity for institutions to maintain customer loyalty, Gürsel Tursun warns consumers and institutions to take the necessary cyber precautions.

✅5 Effective Steps to Protect Against Digital Threats

5 effective fraud and risk management strategies to protect customer and company data from digital attacks.

1. Fraud risk assessment. The first step in preventing fraud is understanding the areas where your organization is vulnerable. Carry out an in-depth risk assessment; It will help you analyze the risks your company faces based on the complexities it faces, its scale, products and market.

2. Fraud risk management. After risk assessment by an internal auditor and other relevant team members, fraud risk management should become an integral part of the company culture. When creating a solid fraud management strategy, all steps should be documented, shared and easily accessible to all team members. Stakeholders should be open to adopting new procedures and understanding the serious nature of fraud risk.

3. Fraud prevention. One of the most effective fraud prevention strategies today is to implement fraud detection tools and prevent the attack before it happens. Verifying that someone is "who they say they are" by running extensive background checks with multi-factor authentication technology that offers increased assurance can help stop fraud before it impacts organizations and causes losses.

4. Detection of fraud risk. Fraud prevention checks and reporting help detect risk. If fraud is detected, employees must have a streamlined way to flag the problem and implement a fraud procedure where they can report fraud while protecting important consumer information that may be sensitive.

5. Monitoring and reporting. Fraud risk management is an evolving process. Therefore, enterprise devices must be constantly monitored and reported. The most effective way for a fraud management solution to work; regular assessment of achievements, blind spots and areas for improvement.
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