098 - What To Do When A Fraud or Security Incident Happens

Compliance That Makes Sense

Fraudulent activity and security incidents are inevitable. The important thing is that you know what to do if it happens to you. Tune in for today’s episode where I share my key pieces of advice on how to approach these situations.

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Today's episode:

[01:31] The first step to take when you suspect a security incident: block all withdrawals.

[02:09] What to do after you have completed step number one.

[03:26] Why you should never try to cover up a security incident.

[05:04] How fraudulent activity is typically discovered.

[06:39] Why you need to find out which financial institutions received and authorized the payment instruction from the suspected fraudulent user.

[08:08] The importance of understanding the contractual liability framework relating to fraud.

[08:21] Why the timing of your responses matters when it comes to dealing with fraud.

[09:02] Why it makes a difference whether the fraud victim is a natural person or a legal entity.

[10:08] What to do once you have confirmed a case of fraud.

[13:55] Everybody experiences security vulnerabilities and fraud, you are not alone!

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