Expertise Beyond the Numbers

Prepare For The Most Wonderful – But Also The Most Fraudulent – Time of The Year [Blog Post]

The holidays have always been about family, giving, joy, and wonder – thus the popularity of the Andy William’s classic “It’s the Most Wonderful Time of the Year.”

While happiness is a core part of the season, there are others patiently waiting and watching, ready to steal our holiday cheer. From shopping-related cyber crime, to identify theft, to deceptive donation and telefunding schemes, the holidays are also, unfortunately, the most fraudulent time of the year.

There are many instances of misfit elves trying to snatch confidential data, sensitive financial information, or tangible gifts from us – right from under our noses. Not even Rudolph is immune.

From a business standpoint, it is especially important to channel your inner toy-soldier and be on guard during this time of year from a cybersecurity and risk management perspective. The door is open to unforeseen business vulnerabilities year-round.

SC&H Group would like to offer these three tips to ensure that fraud does not ruin your holly, jolly festivities.

  1. Make Cybersecurity a Priority: It’s not only retail sites and consumers who are being targeted by cybercriminals during the holidays. Hackers understand how many companies often slow down during this time of the year. This makes virtually every organization a prime target for a cyber attack, reinforcing the need to continually address a wide-range of vulnerabilities.
  1. Identify and Mitigate Risks: Identifying and adapting to potential business threats should always be priority. Today’s business climate is evolving at a rapid pace, and every organization needs the proper internal controls to effectively address business risks. Reviewing your internal controls can give you peace of mind during the holidays.
  1. Review Contracts: With December being prime contract re-negotiation time with vendors, now is the optimal moment to implement contract compliance audits. The right contract compliance strategies can boost your profit margins and enhance vendor relationships. By auditing your vendor contracts, you can also mitigate any financial losses associated with non-compliance, and uncover contract risks that often go undetected.

During the holidays, we should be able to recharge and prepare for a busy and prosperous 2016. By implementing the right cybersecurity and risk management strategies, you too can have a special holiday, and get the rest you deserve.

Protect yourself during the most fraudulent time of the year, so you can truly enjoy the most wonderful time of the year.

Stay tuned for more creative, holiday-themed posts that also offer valuable audit, tax, and consulting insights from SC&H Group. In the meantime, if you would like to learn more about how SC&H Group can help you prevent fraudulent activity this holiday season, please contact us here.