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30 Sep 2015

As extremely powerful and extremely wealthy credit scoring organizations (Equifax = $1.5B in 2014 profits and $2.2B altogether annual revenue) have successfully seized the fraud resolution Google searches through heavy SEO investments, the majority are confused by the term “fraud resolution” which term definitely needs demystification. - cyber expert

Fraud resolution is described as:

According to 38 USCS § 5727 [Title 38. Veterans' Benefits; Part IV. General Administrative Provisions; Chapter 57. Records and Investigations; Subchapter III. Information Security], fraud resolution services means “services to help you an individual in the process of recovering and rehabilitating the financing of the individual after the individual experiences id theft.”

As fraud resolution is fully gone by over 100,000 Certified Fraud Examiners (CFEs), Certified Id theft Risk Management Specialist (CITRMS) and Certified Financial Crime Investigators (CFCI) yearly at corporate and governmental levels, fraud resolution is basically defined as services to help all types of defrauded entities upon the entire lifecycle of fraud crimes.

Allow me to share the top 3 misconceptions that cost people and organizations billions yearly:

 THERE ARE MORE THAN ONE TYPE OF FRAUD RESOLUTION, INCLUDING: CORPORATE, GOVERNMENTAL, INDIVIDUAL AND HYBRIDS. Much like 1 in 3 individual is impacted by fraud (according to ACFE Report to the Nations), corporations and governments will also be defrauded. Credit scoring organizations charge a month-to-month fee to ensure partial monitoring protection of person and corporations. As some may question this partial statement, I'm not really aware of any credit reporting agency that will perform and guarantee the full analysis of your stolen data being resold in one criminal organization to others on a 24*7 basis within the Deep & Dark Web.

 FRAUD RESOLUTION STEMS WAY BEYOND CREDIT MONITORING: Entities other than the national Big 3 credit scoring agencies offer fraud resolution services to more diversified audiences. You will need to understand that even if you got notified of the breach and are granted credit monitoring services, it will not necessarily protect your company against more lethal criminal activities such as on-going theft of intellectual property through undetected cyber-leaking back-doors or using your stolen identities make it possible for sextortion and organ trafficking worldwide. Fraud resolution thus remains not synonymous into a simple band-aid breach notification. It can be much more comprehensive and will include all steps of fraud (e.g. detection, analysis, recovery and tax audit resolution.) To idly feel that credit monitoring fixes all your challenges is truly myopic, ignorant and dangerous.

 TRUE FRAUD RESOLUTION RARELY INVOLVES COURTS : Upon being severely defrauded or cyber-attacked, most executives will speed-dial their lawyers, whereas most people will deny that anything is wrong, hope that their credit scoring agency will fix the issue on its own or start praying. Neither of those approaches is cost-efficient nor will guarantee prompt recovery. An illustration of this this fact is the $439+ Million Dollars that Walmart spent over 2 years in legal fees attempting to resolve a bribery probe. As fraud is estimated growing by a factor of 10x a year, the longer fraud lingers, the much more likely it will grow like gangrene therefore the chances of recovery tend to be lessened. So, in the event you consider resolving fraud through standard civil or criminal processes (which generally takes 2 to 10 years), you may as well kiss your valuable stolen assets goodbye! For this note, did you know that only 14% of fraud victims ever come up with a full recovery? In most cases, it is best to contact a certified and licensed fraud examiner, or even a forensic accountant (both of which are usually much cheaper than a lawyer), to ensure your suspicions, assemble evidence that will later be admissible problem and provide you with recommendations as per how to best resolve your cyber-security and fraud challenges. They're able to assess the size of all of your loss as well as the damages owed for you. Just like you may not must consult with an oncologist each time you catch the flu, you will need to combat common challenges like cyber-security and fraud with all the appropriate resources. Here's an example of a scenario the place where a fraud investigator is undoubtedly your first best option: a company executive is suspected of having been defrauding your company for several years. To avoid unsupported crisis management issues with your investment community and criminal charges with regards to your organization, it is best to employ a fraud investigator to perform a preliminary covert investigation and gather evidence about any crime potentially being committed. In some cases, all of the evidence secured could be circumstantial, meaning you may would rather re-assign this employee to a different role, provide them with training or, gently mention roles within other organizations that they're going to be best suited for. Until actual fraudulent wrong-doing has gotten place and can be proven, this type of challenge may be best resolved internally, cost-efficiently and expediently. Furthermore, if you opt to prosecute the case legally, as approximately 30% of fraud incidents involved 2 or more schemes, you may need to hire an expert that can help you address which fraud schemes were committed, in addition to which court(s) could possibly be best suited to your needs (e.g. administrative, civil, criminal, military, international, etc.)

Several firms offer cyber-security and fraud resolution services. Make sure that you engage the services of certified, licensed, insured and proven professionals. As business people now have to endure typically 9 lawsuits throughout their professional career and white collar criminals are becoming more astute in their defrauding approaches, immediately put in more speed dial emergency report on contacts and call, upon suspicion of crime, experts of M-CAT Enterprises at (512) 535-0012. - cyber expert


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