Feb. 21, 2013 - What Does "Multi-Layered Fraud Prevention" Mean?

Simply put, multi-layered fraud prevention means that you must seek to understand the vulnerabilities or degree of fraud exposure of your operation. It also means that you should try to target appropriate fraud prevention methods to each vulnerability according to the level of potential loss, or the degree to which potential compliance violations might expose the organizations to fines and penalties. 

The approach is analogous to that taken by a network security engineer. Your IT system can be secured by a firewall, but this step, alone, will not stop all potential intrusions. Depending upon the sensitivity or value of the information exposed, a network engineer might install antivirus, antimalware or host and network intrusion detection applications on your servers. Each network is approached on a case-by-case basis, with a unique security architecture developed for each situation.

The FraudFighter™ UV-16 and our other ultra-violet products serve as an equivalent to the basic “firewall” for your business. Low-cost, simple to use deterrent, and very flexible in function, the UV-16 can validate currency, credit cards, traveler checks driver licenses, money orders, and more. As an “initial line of defense” UV detection performs great.

However, as asset value or percentage of loss increases because you have large-scale exposure to counterfeit currency, credit card fraud, robberies, identity theft, organized retail crime, or other specific potential fraud exposure, then more advanced, higher degree accuracy and specifically-targeted solutions are available to enhance your anti-fraud architecture.

From intelligent cash handling, to automatic currency detection, Identity Authentication or retail inventory tagging, the proper solution for each business will be unique, and can be custom constructed from the building blocks made up by a line of simple-to-use stand-alone products.

Our consultants can walk you through a simple fraud vulnerability assessment to help you learn more about what a multi-layered solution might look like for your organization.