Fraud prevention and detection service
One of the biggest challenges for companies is to protect themselves against various fraud attempts and abuse of privileges. As technology develops and globalisation continues, fraudsters’ methods are becoming more sophisticated, posing a serious threat to companies. Fraud not only causes financial loss, but can also damage a company’s reputation and customer confidence in the long term.
Increasing internal and external threats mean that there is a growing need to prevent incidents that can be attributed to human error or misuse, in order to avoid losses. The development and operation of internal lines of defense has reached the stage where businesses rely on fraud prevention and detection activities and base their processes on these controls. Fraud has changed significantly in recent years, leading to an increase in risks, both in terms of complexity and technology. Therefore, the development and operation of lines of defense and control functions within organisations has become even more important. The aim of introducing internal lines of defense is to be able to counter fraud incidents and develop preventive measures in a controlled, efficient and loss-free manner. Our experts provide comprehensive support throughout this process.
Business risk factors
The creativity and diversity of fraudsters is almost limitless. A company must face both internal and external threats.
The range of threats to businesses can vary from human error to financial misconduct, from phishing to internal fraud, from money laundering to bribery and corruption, from supplier abuse to insurance fraud, from customer harm to procurement abuse, extortion and embezzlement. These threats may realise through exploitation of a number of weaknesses, such as:
- Low level regulation and control
- Weak cyber security
- Low security and cybercrime
- Negligent employees
- Process gaps
- Supplier shortages
Our Fraud Prevention and Detection service provides solutions to these challenges. We offer comprehensive fraud solutions to keep your business safe and loss-free. By combining prevention, detection and response, we can ensure your business stays one step ahead of fraudsters.
Advisory services
Training: we prepare and update loss prevention training materials and help you deliver the training.
We develop a loss and fraud prevention strategy and policy.
Internal policies: We review and update internal policies on loss and fraud prevention.
Fraud Investigation: We conduct a full investigation of internal and external fraud incidents that occur.
Monitoring System: We review and audit internal anti-fraud monitoring systems.
Loss/Fraud Management System: we will propose a complete system.
Risk Assessment: We will assess internal and external risks of abuse and propose ways to prevent them.
Audit
We will continuously review the adequacy of the controls built into the system against central bank regulations and loss/fraud management expectations.
Fraud Manager
The team or individual responsible for Loss/Fraud Management within the organisation is also responsible for investigating and documenting reported misconduct.
Plan, organise and monitor loss prevention activities, write and update fraud prevention training materials and deliver training. Create relevant policies and instructions.
Large companies:
- have complex systems and prioritise internal security
- have had a fraud incident and want to prevent future incidents.
- are exposed to potential fraud incidents and want to proactively protect against them.
- Those who are concerned about protecting their reputation and do not want to receive negative publicity as a result of a fraud event.
- Those operating in international markets where different legislation and risks make it difficult to operate.
Financial Institutions:
- Those who need to comply with strict regulatory requirements (such as Central Banking regulations) and want to minimize legal risks.
- Those who value their customers’ trust and want to maintain it by providing them with a secure environment.
- Who want to reduce their financial losses related to fraud attempts and make their internal processes more efficient.
- Improve their fraud prevention and detection systems to keep pace with the evolving methods of fraudsters.
Ask our experts!
