Fraud risk management

Fraud risk management

A guide for banks to the business implications of COVID-19.

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Round about

Why strong fraud risk management is crucial in time of Corona?

  • The decentralised way of working and move to digital banking with less customer "face time", potentially results in reduced oversight and control, which increases fraud risks
  • Crisis situations like Corona feed the three elements of the fraud triangle: 1) increased pressure, due to uncertain (financial) times, 2) more opportunity, due to less focus on key risks and reduced oversight and 3) easier rationalisation: due to justification of deviant behaviour in uncertain times

Key challenges faced

  • Increased and new type of scams by criminals to defraud account holders using social engineering or phishing 
  • Remote working reduces the oversight on your employees
  • Crisis situations promote justification or ignoring 'wrong' behaviour
  • Increased pressure experienced by employees to balance workload versus compliance requirements
  • Criminals utilise crisis situations and spread COVID-19 related (mis)information or offer fraudulent services

How to respond

  • Create awareness with your employees around current fraud risks and promote a culture to discuss dilemma's, disruptions and shortcuts of processes
  • Educate customers and create awareness on the diverse range of methods criminals deploy to defraud account holders
  • Perform a fraud risk assessment on your key processes
  • Develop and deploy fraud risk (data) analysis to identify unusual transactions and especially new payment fraud methods
  • Create a fraud or incident response plan, defining roles and responsibilities for when an incident occurs and what the required follow-up activities are

How we can help

  • Open culture and ethics: We use soft controls as a basis in supporting banks when changing culture and promoting ethical and compliant behaviour, using for instance training and awareness sessions.
  • Fraud risk management: We offer fraud risk assessments to analyse internal processes and identify potential fraud risks.
  • Implementation of fraud detection solutions: We have successfully supported multiple clients with implementing fraud detection solutions, incorporating fraud data analytics, a whistleblowing hotline or compliance monitoring.
  • Performing remote investigations: We have a remote investigations methodology to enable investigations when physical access is not or limitedly possible.

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