Is Your Organization Preventing Identity Fraud?
Effectively preventing identity fraud in an organization depends on many factors including management commitment and strategy for identity theft prevention. Management commitment is very important for two main reasons; supporting the development, implementation and communication of an identity theft and fraud prevention program, and, setting the expectations for others within the organization regarding their responsibilities. Such expectation must be clearly defined and communicated to all appropriate parties for making the identity theft prevention program a success story.
Business decisions to prevent identity theft and fraud depend largely on the management perception of the risks, costs associated with managing the risks, benefits of mitigating the risks such as reduced losses, and regulatory compliance obligations. Assuming an organization has made the decision to adequately prevent identify fraud for the reasons described above or another reason such as maintaining a responsible corporate image, it must have all its ducks in order for preventing identity fraud in the organization. Management commitment, firm expectation of others, clear definition of responsibilities, documented strategy, proper training of all key employees, and customer education are all part of an integrated and effective identity fraud prevention program.
If management is uncertain about its organization’s efforts for preventing identity fraud, then management ether does not know whether all the identity theft prevention controls are in place to detect and prevent identity fraud, or, it is not sure whether the controls are operating effectively.
A good way to address both uncertainties is to perform a complete risk assessment across critical parts of the business which is also a Federal Red Flags Rule requirement. In order to perform an adequate risk assessment, management must involve key employees and make sure they have the required training to identify identity theft threats and fraud prevention control gaps. Employees may be involved in any stage of the identity theft prevention program whether at the development, implementation or maintenance stage and will require special set of skills to make sure identity fraud risks are reduced to the lowest possible levels. To ensure key employees are properly trained, management must encourage and support them to take the comprehensive Certified Red Flag Specialist (CRFS) training program which is the leading identity theft prevention training and certification program offered by Identity Management Institute. The CRFS program was developed based on the comprehensive US guidelines for identity theft and fraud prevention. The CRFS program offers training in various formats such as onsite group training, online, or self study along with an online examination which can be taken by registered candidates at any time and from anywhere.
The key to effective identity fraud detection and prevention in any organization concerned with identity theft is to identify and monitor as many fraud warning signs as possible on a continuous basis. The CRFS program teaches the candidates everything they need to know to become identity theft red flag specialists, detect signs of identity theft and prevent identity fraud.
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