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Is a third party’s use of encrypted email services a safeguard or a red flag?

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Summary

This article discusses the importance of third-party due diligence (TPDD) for organizations that work with many different suppliers and vendors. It examines how criminals can use email encryption services to conceal illegal activities and steal data, and provides an example of a company that used TPDD to investigate suspicious third parties and successfully avoid financial losses and other issues. It also provides an overview of other topics that have been covered in Fraud Magazine, such as document fraud, cryptocurrency, blockchain, and cybercrime.

Q&As

What is third-party due diligence?
Third-party due diligence is a process of thoroughly investigating external companies to verify their transparency and reliability.

What are the potential risks of third parties using encrypted email services?
The potential risks of third parties using encrypted email services include concealing illegal activities and stealing valuable data.

How did FabricFibre use third-party due diligence to investigate its suppliers?
FabricFibre used third-party due diligence to investigate its suppliers by thoroughly examining their corporate chains, profitability, reputations, viability and other criteria via open sources (paid and unpaid).

What methods can be used to detect suspicious activity among third parties?
Methods that can be used to detect suspicious activity among third parties include open source investigation, human intelligence, and modern technology.

What are the benefits of using email encryption services for legitimate organizations?
The benefits of using email encryption services for legitimate organizations include fostering anonymity and security in communications.

AI Comments

👍 This article does a great job of providing an in-depth look at the importance of third-party due diligence to protect organizations from fraudulent activities and data theft.

👎 The article does not discuss any potential risks or drawbacks of using email encryption services, leaving readers without a complete understanding of the issue.

AI Discussion

Me: It's about the implications of using encrypted email services as a third party. It looks at the risks associated with using such services and how companies can use due diligence to mitigate those risks.

Friend: That's interesting. What are some of the implications of using encrypted email services?

Me: Well, the article points out that while legitimate companies use encrypted email services for security and anonymity, criminals can also use them to conceal their illegal activities and steal valuable data. Companies need to be aware of this and use due diligence to ensure that any third-party vendors they are working with are legitimate. Failure to do so could have serious financial and legal implications.

Action items

Research the different types of email encryption services available and their associated security features.
Develop a comprehensive third-party due diligence process to ensure that all external vendors and suppliers are thoroughly vetted.
Utilize open source intelligence to uncover any suspicious activities or connections associated with third parties.

Technical terms

Third-Party Due Diligence (TPDD): A process of researching and verifying the background of a third-party vendor or supplier to ensure they are reliable and trustworthy.
Encrypted Email Services (EES): A type of email service that uses encryption to protect the contents of emails from being read by anyone other than the intended recipient.
Open Sources: Sources of information that are publicly available, such as news articles, public records, and social media.
Primary Email Addresses: The main email address associated with an account, used to send and receive emails.