The fight against fraud: new solutions adapted for business strategies
The amount of fraud and attempted fraud that businesses are victims of continues to rise in Belgium and abroad. Fortunately, there are simple, quick and effective solutions to put in place to fight against this trend, the consequences of which can prove to be disastrous.
In fact, the risks incurred by poor management of the security of IT systems and infrastructures, workflows – particularly when it comes to financial transactions – and prevention with staff are extremely high for companies.
Private or public, whatever their sector of activity, whatever their size, they must therefore anticipate increasingly sophisticated attacks from cybercriminals. This is to secure their daily operations and this way avoid hindering the efficiency or growth objectives they have set themselves.
The most common types of fraud
Fraud internal to the company, originating from an external entity and human error are the 3 main cases of fraud generally observed.
And while the computer attacks most commented on in recent times focus on the IT systems in place, a real gateway to the theft or freezing of sensitive business data which is the subject of substantial ransom demands, fraud, for its part, directly concerns financial processes.
It consists of seizing the banking information of the recipients of payments made by companies, perverting them and introducing them into their systems. Workflows, often automated but sometimes barely secure, generate in this way transfers of money authorized by their systems to recipients who are ultimately unknown.
Automated checking of bank details
The solution to systematically counter this type of fraud via reinforced authentication exists. Its operation is extremely simple, it is done via a software solution handling the control and authorization of each payment, depending on a recipient account identified as being reliable.
In concrete terms, the company draws up lists, through its internal audits, of authorized recipients for payments. The software solution, integrated with the company’s systems, controls the name and bank details of the third party associated with the corresponding accounts. This way, no payment will be authorized towards an account, recipient or a combination of the two that is not recognized by the system, reducing the extortion attempts of fraudsters to nothing.
KBF – Belfius: a reinforced partnership
As you will have understood, the implementation of strategies for securing systems, solutions and workflows is a key issue for companies. Both from a financial point of view, of course, but also from a human point of view. Because the loss of income can have disastrous consequences on the workforce in place and on policies for recruiting new employees.
At the same time, the proliferation of digital channels required for offering innovative, increasingly efficient and higher value-added services is a challenge for banking establishments that they cannot face without the help of a high-level technological partner.
In this way, since 2019, Banque Belfius – the third largest bank in the country – has made enormous efforts to align its digital transformation with its ambitions for growth and excellence in terms of its services.
To this end, its partnership with Key Business, whose proven KBF Anti-fraud solution it actively promotes, offers real added value to its products and services. It makes it possible to simply and effectively address the issues of securing the financial transactions of its customers, which are often very complex.