At-Bay’s Post

Transcript

Hi, I'm one of Santa's little helpers and I'm here to talk to you about how Santa protects the North Pole from financial fraud. Financial fraud is one of the most common in growing threats today and not even jolly old Saint Nick is immune. Imagine if an e-mail scammer tricks Santa and sending gifts to the wrong address or worse, hacked his workshops financial systems. Christmas could fall into the wrong hands. While building a robust fraud prevention program is essential, here are three quick steps Santa always takes for Fast Archer improving his defenses. 1st is voice verification. Most financial fraud incidents start with an e-mail, so before authorizing any major transactions like sending out a shipment of presence or transferring supplies to his elves, Santa calls his trusted vendor or partner directly. It's important to verify all the details or a phone call, or a magical snow glow, especially when any change in payment or delivery instructions is involved. 2nd is to apply warning labels for large toy orders. Before Santa sends out any big orders to his elves or suppliers, he has a warning label to verify before delivery at the top of any financial instruction documents. This is a great way to remind partners to call and double check payment and bank information before any funds are transferred or presents or shipped. 3rd is vendor due diligence. 2/3 of financial fraud incidents are caused by impersonated or compromised vendors. Santa regularly meets with his suppliers like Missus Claus's Cookie Bakers and the reindeer feed supplier to ensure they have similar security practices in place. Santa's elves shouldn't be the only ones using strong security controls, after all. All of his trusted vendor should have them too.