Best Strategies for Fraud Prevention in 2019

Why Bother With Fraud Prevention?

Fraud prevention is a serious topic that stems from a globally unified desire for people to stay safe both on and off-line.

Knowing how to prevent fraud requires a serious set of skills that you’ll need to harness if you wish to keep yourself and your business safe.

Sharing our business or personal information online leaves us vulnerable to fraud attacks, so it’s logical to be worried. Fraudsters can steal all kinds of data and make a financial and emotional havoc in our life.

The best thing we can do to stay on top of things is to understand the different levels of Fraud and learn how Fraudsters operate. If you wish to learn more about Identity Theft, Check out this video made by #fraudweek.

Fraud Prevention – Survival Techniques

In my book ‘How to Detect Lies, Fraud and Identity Theft’  I look at fraud detection and prevention from many angles.

Written as a quick reference field guide, in this book you’ll find just what you need to know to survive in the wild and detect the lies in front of you, no matter how big or small.

Here are 3 Fraud survival techniques that successful managers use:

  1. Care about people and trust them but don’t ever let the fox guard the henhouse.

Fraud is happening everywhere around us, even in financial institutions; A staggering 86% of bank shrinkage is employee theft with the average take $4,000.

  1. Know Your People—don’t let automation get in the way of face-to-face communication – Get to know people’s financial condition, hobbies, and family. For example, if their kids have a sudden severe illness or they go to Vegas regularly, watch them more closely.
  2. When you find a problem, address it and have a consequence. If you let lies and fraud slide, you send the wrong message.

Fraud Prevention – Cyber Crime VS In-person Fraud

The crimes we hear so much about these days are usually cyber crimes:

–              Someone intercepts a wire transfer for your mortgage down payment or;

–              Someone opens a credit card, online in your name and goes on an internet shopping spree.

What we don’t hear about is how much financial crime happens in person. There are countless incidents of in-person fraud and identity theft.

–              Folks who aren’t who they say they are go into banks all the time and apply for credit cards, apply for loans, and open accounts;

–              Payday loan stores give loans to people who fake their identity all the time.

–              Business owners who actually are who they say they are may show up to their loan appointment with a fake profit-and loss statement.

How can you detect identity thieves that are right in front of you?

According to master interrogator, Stan Slowik, ask a string of questions that are increasingly more complex that only the actual person will know.  Notice their body language as they answer.  Now when you ask more questions about the transaction they’re trying to make, do you see different body language?  When you want to know exactly what to look for, make sure you get a copy of How to Detect Lies, Fraud and Identity Theft.

Beyond Body Language

Fraud Prevention – Your Wallet Is a Major Security Risk

Even if you’re not actually communicating with a person, you carry a security-risk on you, daily.

Your wallet can be stolen or lost and it usually contains extra items that you didn’t really need in the first place, but can hurt you A LOT.

So here’s a list for your own personal protection to work on BEFORE you get separated from your wallet ever again:

  • Leave the extra documents at home: account numbers, credit reports, social security card, birth certificate, voter’s registration card and passwords you’ve written down;
  • Know what’s in your wallet and who to call if the situation arises;
  • Make copies of the front and back of your cards, or write down the contact information;
  • Keep the copies secure at home;
  • Instead of signing the back of your cards, write “please ask for photo id.” This way you minimize the risk of identity theft;

In case the wallet was indeed stolen, alert the local law enforcement, your financial institutions, your medical insurer, and your state’s DMV.

Top 5 Online Services and Apps That Help With Online Fraud Prevention

  1. is an online service that helps clients with Identity Theft Protection and keeping their information safe. They offer highly rated insurance coverage.
  2. Quickbooks –online accounting software that offers secure data protection for your business.
  3. Securedtouch will allow you to receive real time fraud alerts on your mobile. The app analyzes your biometrics and more than 100 physical behavioural parameters to ensure only you have access to protected data.
  4. Are you a victim of fraud? The IDtheftcenter works as a non-profit organization and supports people that want to resolve their cases of: identity theft, data breaches, scams/fraud and privacy issues.

Your business should strive to consistently learn from past cases of fraud and include the results into future monitoring and detection processes.

You can go a step further and join the global fraud prevention effort by observing the International Fraud Awareness Week happening this November 17-23, 2019.  A great way to do that is by asking Traci to train your team or keynote at your conference.


Or you could offer your employees Traci’s online Fraud Spotting training.  You say you don’t have time? You don’t have time not to.   All it takes is 5 minutes per day to learn how to spot the signs of deception.  Check out a sample class here.

Learn More About Fraud Prevention Here

Book Traci Now


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