Published April 12, 2024 • 2 Min Read
When businesses consider fraud protection measures, there is often a focus on technology – whether it’s installing new systems, upgrading software, or leaning on the technology of key partners. The reality is, employee education, processes and planning will make the biggest impact.
Fraud prevention is a top priority for businesses of all types and sizes, all over the world, as cyber incidents are becoming more frequent and more severe. Many business owners seek solutions in the form of technology – in fact, spending in cyber security technology has risen considerably over the last few years1. At the same time, investment in anti-fraud technology is higher than ever across sectors, as banks, telcos and software developers are working hard to protect their clients.
Technology is only one part of fraud protection. Employee education, strong processes and a recovery plan are just as critical.
While investment in fraud prevention technology is undoubtedly good for business, it is only one part of the equation when it comes to protecting your business from cyber threats. Educating your people, implementing processes, and having mitigation plans in place are equally – if not more – crucial.
Download the RBC Fraud Prevention and Cyber Safety Book for comprehensive tips, strategies, and checklists to help protect your business.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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