We spoke with Anthony White, Manager, Oceania - Fraud and Counterfeit (Legal Department) at Canon ahead of the Fraud Mitigation Summit 2023 to delve into the emerging trends in fraud that organisations should be aware of and the strategies they can use to counter the latest fraud risks.

In this article you will gain insights into:

• The emerging trends in Australia’s fraud landscape
• Common misunderstandings and risks that organisations often underestimate in relation to fraud
• Fostering a collaborative environment to combat fraud threats

What’s a new or evolving trend in fraud that organisations should have on their radar going forward?

Anthony White emphasises that there are several emerging trends in fraud that organisations need to monitor closely. He points out that supply chain compromise continues to be a critical issue that all businesses must address. The interconnectedness of global supply chains has given rise to vulnerabilities that can be exploited by fraudsters.

Moreover, the COVID-19 pandemic has led to a spike in friendly fraud, where individuals abuse consumer protection mechanisms to commit fraudulent activities.

Additionally, Card Not Present (CNP) fraud has seen steady growth, posing significant challenges for organisations to secure online transactions safely and effectively.

What’s one tip organisations can use to improve their fraud strategies to combat new or evolving fraud risks?

To combat these new and evolving fraud risks, Anthony suggests organisations actively engage with their peers in the industry. By sharing intelligence and experiences, companies can gain valuable insights and prepare in advance. As Anthony puts it, "You don't know what you don't know!"

By collaborating and learning from one another, organisations can proactively enhance their fraud prevention strategies and mitigate potential risks. This collective approach helps establish a strong defence against bad actors, safeguarding the entire industry.

What’s something you see some organisations misunderstand or underestimate in relation to modern fraud risks?

One crucial aspect that many organisations misunderstand or underestimate is the need for a holistic approach. Fraud encompasses a wide range of activities, from phishing attempts to internal staff fraud. Anthony stresses the importance of implementing a consistent and flexible fraud prevention framework that is intertwined with other related issues.

Anthony also suggests creating an internal profile within a company, explaining that “you may find it can act as a deterrent for internal fraud and act as a prompt for staff to come to you with things they have noticed.”

Additionally, having a customer-facing webpage dedicated to scams and fraud empowers customers to stay vigilant and report any potential threats.

The last take away from Anthony is that many organisations may overlook the inclusion of fraud and cyber risks in their Business Continuity Plans (BCP), leaving them vulnerable to significant disruptions.

To learn more about emerging fraud trends and how to safeguard your organisation from them, or to hear more from Anthony White and many more fraud mitigation leaders across the public and private sectors, join us at the Fraud Mitigation Summit 2023.

To access the detailed conference program, download the brochure here.