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14 Oct Fraud Mitigation in Retail
Posted at 02:38h
in Fraud Mitigation
BACKGROUND
Our regional client within the retail sector had confirmed that a number of its suppliers had received false information that they had to pay outstanding Client invoices into a new account.
![](https://vigilancegroup.ae/wp-content/uploads/2018/10/background.png)
![](https://vigilancegroup.ae/wp-content/uploads/2018/10/retail-cs-assessment.png)
ASSESSMENT
Our initial assessment identified a common method of fraud and new bank details where funds were transferred. An expeditious response ensured that the monies were recovered from the financial institutions.
RESPONSE
A review of company data and procedures identified a number of risks within its fraud mitigation and data security procedures.
![](https://vigilancegroup.ae/wp-content/uploads/2018/10/retail-cs-response.png)
![](https://vigilancegroup.ae/wp-content/uploads/2018/10/retail-cs-outcome.png)
OUTCOME
Our work helped the client:
- Introduce a new IT cloud solution to manage its supplier and financial data
- Produce IT security procedures to mitigate data management risk