Telsecure, BSI British Standards Set to Sideline Scams with Fraud Prevention Standard
December 24, 2007 // Published as a news service by IHS
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Telsecure is working with BSI British Standards to develop a publicly available specification (PAS) for managing the prevention and early detection of fraud.
According to Telsecure, fraud has become an increasingly serious issue for business, not only costing huge sums but damaging the reputation of organizations in the process.
Recent reports have highlighted the scale of this problem:
- 45% of companies have reported falling victim to fraud in the last two years.
- More than one-third of fraud is discovered by accident.
- The estimated annual cost of fraud to the U.K. is up to £20 billion.
- Public-sector fraud is estimated at £6.4 billion.
Over recent years, these reports and the government's fraud review have led to recognition of the need for the development of a National Fraud Strategic Authority and a National Fraud Reporting Centre, yet the business approach to fraud remains fragmented through the lack of a standard.
PAS 8000, a fast-track standard expected to be available in September 2008, will provide organizations with a framework for managing the prevention of commercial and industrial fraud.
It will define terms and definitions within the area of fraud management and set the norm for good practice, the companies said.
Mike Low, director of BSI British Standards, said, "… Fraud poses a serious threat to organizations, but with the right expertise and stakeholder engagement, we hope to develop a tool which will make significant inroads into fraud prevention."
"We know that organizations are actively seeking solutions to combat the problems associated with fraud and believe this can be achieved by comprehensively applying all the knowledge and skills we can muster to developing this publicly available specification in fraud prevention and detection," said Janusz Adamson, head of Telsecure Consulting Services.
"Compliance with the emergent standard will ensure that governance, together with management processes and procedures are in place to achieve these aims," Adamson said.
A BSI steering group of independent stakeholders representing a cross-section of organizations will review and provide feedback on the drafts of the best practice specification.
Source: BSI Group.