The weakest link in your transaction security set-up is also your strongest asset: People.

Sure, most companies have the usual safety nets in place, such as limiting transaction amounts and requiring that at least two staffers are involved in every transaction.

But the smarter the security, the bigger the challenge for people possessed with rattling your cash cage from the inside.

We all know that the vast majority of people who have access to your company’s financial transactions are honest, decent, hard-working souls. They value their jobs and the stability of their employer.

Still, if the temptation exists and there’s even a hint of vulnerability, you could be in trouble.

These days, some of the kids will bust into something like your company’s financial records just to prove that they can do it.

The stakes and the risks have gotten even higher in this day and age, as economic pressures are forcing companies to cut corners in the name of doing more with less.

Some real-life shortfalls uncovered by security pros:

• Audit groups not trained to deal with fraud
• User passwords (necessary to transfer accounts) taped to a computer monitor
• Polling a number of employees on ways to commit financial fraud — and only one in 30 asked why the pollster would want to defraud the company
• Ease of use emphasized over effective security protocols
• Implementing “blank” passwords for easy access
• “I know my teams is loyal,” and,
• Who gets the audit reports? At one company, they were directed to the one person who was committing the fraud.

Tags: audit, economic, financial, transaction, transaction security