FRAUD RESPONSE PLANS NEEDS UPGRADING PROCEDURES TO TACKLE EVOLVING FRAUD EFFICIENTLY

MORE companies have ‘fraud response plans’ (FRPs) than ever before to try and mitigate the recurrence and fallout from fraud incidents. But greater adoption does not always equal efficacy, with companies not always had the right procedures to learn from past mistakes. And with fraud constantly evolving, especially cyber-related, FRPs need to be upgraded and regularly reviewed. “Many FRPs are pretty vanilla, written up and put away in a drawer. But the world is changing so much due to cyber threats, and data privacy is becoming an ever-prevalent issue. ...


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