Each year, organizations lose an average of 5% of their revenue to fraud. Despite new training programs for workers and other initiatives meant to combat misuse, that number hasn’t budged in years. This translates into total losses of $3.7 trillion lost each year—resources better spent on improving operations, including effective fraud-fighting tools.
New technologies such as Unified Communications as a Service (UCaaS) expense management can provide these fraud-fighting tools while boosting overall productivity across an organization. Tapping into these improvements, companies can reduce fraud losses while creating a more resilient, results-oriented solution to combat misuse.
Stopping Fraud at the Source
While fraud can take many forms, the most common cases—80% of them in fact —involve asset misappropriation by employees. These cases aren’t always deliberate and may involve scammers calling or messaging from outside addresses. Separating authorized, legitimate employee communications from more suspicious correspondence is another effective way to fight fraud.
Luckily, these types of call review records can be found via UCaaS analytics – with management systems shedding light into total usage and potential misuse. It’s estimated 85% of cyber fraud goes unreported. The power of UCaaS analytics can determine what is legitimate, and what isn’t – meaning the difference between heavy losses and ongoing success.
Adding Security Across Devices
But not every case of fraud is initiated by an employee, and workers are often victims themselves. With the growing popularity of work-from-anywhere and highly dispersed teams, even one weak link across a multitude of devices can act as an entry point for bad actors. Standardizing security measures across may seem like a monumental task, particularly with the wide variety of devices in use.
But it doesn’t have to be. Device-as-a-Service (DaaS) allows organizations to deploy hardware with pre-installed fraud-fighting software kept up to date through centralized device management. It’s a powerful way to get the most out of UCaaS as well, with communication on provisioned devices backed by effective security protocols.
Fighting Fraud, Gaining Productivity
The work from anywhere environment is only going to grow, so don’t expect it to disappear anytime soon. Cases of fraud will continue to plague organizations, so each must do everything possible to fight instances of misuse. Companies must also act responsibly – as disconnected, ad-hoc prevention measures result in their own type of waste. What’s more, IT departments spending too much time on device security, training, and other fraud-fighting is time away from doing productive, more strategic work.
Services like DaaS and UCaaS expense management can alleviate much of this burden with holistic oversight and management of centralized communications. Companies can harness an active view into fraud attempts, while monitoring communications closer than ever before through managed devices.
Now more than ever, businesses must stay ahead of the threats that hamper business productivity. A focus on UCaaS expense management and DaaS programs might just put you on the right path.
Learn more about Tangoe’s UCaaS solution and get in touch today to learn more.