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Adding Dual Approval can help strengthen your online controls and protect your business from several different types of operational risk:
- Payment Scams: Payment fraud is a growing risk, and criminals continue to deploy increasingly clever scams. While a fraudster may be able to trick an individual, a system-enforced checker ensures that a second person looks at the transaction and can help capture the attempt before any money leaves your account.
- Compromised Credentials: Fraudsters are using advanced techniques to steal people's usernames and passwords, before logging into their victims' accounts and diverting funds. Even if a criminal was able to compromise one of your online user's credentials, Dual Approval would help stop the attacker from being able to make a withdrawal.
- Processing Errors: A checker can help spot a variety of mistakes, from breaches of internal procedure to typing errors on the account number or the value of a transfer.
- Internal Fraud: While all businesses want to be able to trust their staff, the reality is that a significant number of companies have been defrauded by an employee. External pressures and/or unexpected opportunities can lead a previously trusted staff member into making a poor ethical decision. Dual Approval helps mitigate this risk by acting as an effective deterrent and also providing an opportunity for any wrongdoing to be identified early in the process.
- Read more about Why Dual Approval Matters.