Case Study #1
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George Mason University *
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Course
320
Subject
Information Systems
Date
Dec 6, 2023
Type
docx
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3
Uploaded by KidPuppyMaster1919
Geraldine Arandid
Processor Chun-Lung Huang
MIS 320-001
10 February 2023
In this case study, I agree with how the firm responded to the bank regarding the incident
of defrauding. It is a wise decision from the firm to contact their back immediately by closing
their accounts so that the hackers will not use their debit cards again. However, the small team
who went to South America should know better that withdrawing from an ATM or purchasing
from a store while using a firm’s debit card has a consequence that can be scammed, frauded, or
malicious. With that incident, the firm has become more prepared, protected, and secured on
their bank account so that they can avoid or prevent that incident. To prevent this incident, at
first, the firm must give only high positions such as supervisors or managers their credit cards. If
they want to withdraw money, instead of using a debit card through an ATM, the firm can give a
check and then, they can withdraw it through to the bank. In that way, the firm can track who is
withdrawing their money by using a check through to the bank. Also, it is more secure than
withdrawing money through an ATM using a debit card. Another way to prevent this incident is
the firm should have a policy regarding payments by using a credit or debit card. With the policy,
the firm must have a limit to payments. For example, every month the limitation for using a
credit card will be $500 below. If they wish to have a big payment such as an event for the firm,
then they must ask permission if they can use a credit card for huge purchases if it must be
related to work, not personal. Overall, the firm must have entrusted a person to take charge of
their account so that they will not get scammed again. However, there are also some other ways
to prevent this incident. The firm can also hire a professional hacker or called ethical hacker, but
it’s rare to find an ethical hacker, and it can be more costly to hire an ethical hacker. An
organization can benefit greatly from the strategic choice to use an ethical hacking service since
it will raise awareness of undiscovered vulnerabilities and lead to the adoption of more robust
security controls and network defenses (Staff, 2019). With that incident, the 2020 Treasury Fraud
and Controls Survey found that companies with payment fraud detection systems in place that
integrate interdiction technologies suffer from some types of fraud by 75%. Instead of hiring an
ethical hacker, the firm can also be partnered with organizations that can prevent malicious
events. For example, the firm can be partnered with Bottomline because their product and service
offerings should be digitally transformed, and they should also make sure that the most recent
fraud prevention techniques are used to thwart cybercriminals. In my experience, I also got
scammed through social media. The scammer asked for my phone number because he will send
the money through my bank. However, to do that, the hacker asked again to send the money back
that worth $500. The next day, the bank called me and said that they will be going to close my
account due to counterfeit checks. With that, the bank did not cover the funds because of my
mistake. To relate my experience and the firm’s incident, we must be more careful of what,
where, or whom we are dealing with it because, in the end, we will get scammed. Scammers,
frauds, or any malicious events, we can’t get away. Despite that incident, we must be aware and
be more secure with our accounts.
Works Cited
Business payments transformation | bottomline
. (n.d.). Retrieved February 10, 2023, from
https://go.bottomline.com/rs/498-XVR-738/images/cyber-fraud-risk-management-
securepayments-joint-CFC-US-SUC-2005-134-FINAL.pdf
Staff, E. (2020, August 24).
Should you hire a hacker? benefits of ethical hacking services
. Edge.
Retrieved February 10, 2023, from https://amuedge.com/should-you-hire-a-hacker-
benefits-of-ethical-hacking-services/
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