“Fight The Problem – Not Each Other”, is the key to eliminate a problem. Whether it is about a successful marriage or to minimize business fraud says Payza’s CEO, Firoz Patel. Scam could shake and destroy any individual or business if corrective measures are not in place.
Everyone in the industry is responsible for sharing the burden of fraud and playing their part to fight against it. “Rightly said by someone; it takes two hands to clap!” One individual or organization cannot be solely blamed for anything and so the blame game between a buyer and a seller is neither the solution nor the option to stop it.
What Can Stop It From Happening?
Compliance and Fraud detection plays a key role in ensuring it does not happen; they go hand-in-hand. While being complaint helps you to minimize risk, detecting potential fraud lets you prevent it from happening.
- Benefits of Being Compliant- Companies following guidelines and working on a compliant platform are far more away from any reputation damage and risk exposure.A fraud detection mechanism allows you to be prepared with required control measures. With the Fraud Prevention technology and in-house compliance strategy, Payza has been recorded with consistently lower fraud risk numbers than reported at an industry level.
- Benefits of Detecting Fraud – Controls, monitoring and reporting promote faster detection of fraud. Key detection measures include a raising alarm policy, reports designed to highlight potential and common indicators of non-standard outcomes over time, and other controls that alert people to potential fraud. It goes without saying that monitoring these indicators is as important as the implementation of these.
Having talked about what can stop it all, we should not forget: “The bigger prospects for industrial growth and high revenue, brings more opportunity for fraudsters”.
So, What’s Required?
Everyone in the industry has to be committed to adopt all the current anti-fraud practices. The entire system has to co-ordinate in factoring fraud or scam prevention into commercial, technical, and operational process as standard. While the business sector growth demands for higher investment, it becomes imperative to be prepared for increased activity in setting up anti-fraud standards.
What Can Help?
- The identification and potential risk factors to which systems or procedures are exposed
- Positive implementation and reliable operation of internal controls
- Establishing an environment that promotes compliance with internal controls
- Promoting fraud awareness
- Fostering an ‘anti-fraud’ culture
As per Firoz Patel, scam and fraud happen due to loop holes in a relatively weak system or lack of control measures. While elaborating it more, he talks about Fraud Prevention & Security Team of Payza which works efficiently and effectively to minimize risk in the current climate.
Their endeavor is to support global standard alignment as an industry and also investing the right amount in protecting against fraud.