August 7, 2013

Summertime Fraud

It always seems that the busiest times of the year are also the times when we hear about the most “trusted-employee” fraud – that’s when an employee uses their access to defraud the company, usually by providing overstated or fraudulent credits. Around the holidays, we often put out a warning to our merchant customers to be extra vigilant, and now that summer is here, we are giving the same message: be careful and watch for suspicious activity!
Most businesses see increased activity and increased internal fraud in the summer months. It could be just a simple question of volume: the more transactions you have, the more likely you are to have a fraudulent transaction or two in the mix. Unfortunately, we think there could be more to it than that. You’ve probably hired on additional or temporary staff to help with the rush. They are not the employees that you have known and trusted for years, but they may have the same trusted-employee access to your systems. While the vast majority of seasonal employees are excellent and greatly benefit your business, you must watch carefully for those few who may be up to no good.

There are two things you can do to prevent trouble with new or seasonal employees. The first is to be sure that temporary employees are only given the access they need to successfully complete their assignments. If they don’t need access to your full DOLLARS ON THE NET® account, don’t give them that access.

Also, be sure your Fraud Sentry® settings are up to date. All too often, we find that Fraud Sentry alerts are being sent to email accounts that are rarely checked, or even being routed to employees who are no longer with the organization. Be sure that the person (or people) receiving the alerts will be available throughout the summer. If your accountant is taking a couple of weeks off in August for a family vacation, you need someone else to monitor the alerts during that time.

While you are configuring your Fraud Sentry settings, you should also take a moment to review your DOLLARS ON THE NET account security settings. Are there any users who no longer require access? Even more crucial, do any former employees still have an account? Do any users have excessive privileges? All of these things can lead to trouble and should be remedied immediately.

If you need help configuring any of your security settings or setting up Fraud Sentry, please contact Shift4 Support at 702.597.2480 (option 2) and we will be happy to assist you. Enjoy the warmer weather, but stay alert to summertime fraud!