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

<p><span style="font-weight: 400;">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.</span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies!</span> <span style= "font-weight: 400;">If you are on Apple, just </span><a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531"><strong>click here to review</strong></a><span style="font-weight: 400;">, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[01:31] The first step to take when you suspect a security incident: block all withdrawals. </span></p> <p><span style="font-weight: 400;">[02:09] What to do after you have completed step number one. </span></p> <p><span style="font-weight: 400;">[03:26] Why you should never try to cover up a security incident. </span></p> <p><span style="font-weight: 400;">[05:04] How fraudulent activity is typically discovered. </span></p> <p><span style="font-weight: 400;">[06:39] Why you need to find out which financial institutions received and authorized the payment instruction from the suspected fraudulent user. </span></p> <p><span style="font-weight: 400;">[08:08] The importance of understanding the contractual liability framework relating to fraud.</span></p> <p><span style="font-weight: 400;">[08:21] Why the timing of your responses matters when it comes to dealing with fraud. </span></p> <p><span style="font-weight: 400;">[09:02] Why it makes a difference whether the fraud victim is a natural person or a legal entity. </spa