Best Practices Overview

Fraud mitigation principles come to life through the application of best practices.

No single best practice will sufficiently mitigate the risk of fraud.

The application of multiple practices that aim to prevent, detect, and respond to fraud will provide the best chance of minimizing the occurrence and impact of fraudulent payments. The choice of best practices to implement will also be somewhat context-specific.

The practices highlighted in this section are considered high-impact and comprehensive but are not exhaustive.

Just as IIPSs transform in response to end users’ needs, and as fraudsters evolve their tactics to be more successful in perpetrating fraud, these best practices will need to evolve over time to ensure they remain relevant and supportive of the fraud mitigation principles.

The following pages describe the best practices and indicate which principles they support. A summary of the link between principles and practices is shown in the last page of this report.

Next Topic in this Section: Cross-Cutting Practices