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News & Updates

27/11/21
Do you conduct or need a fraud review?

We have conducted several detailed fraud review projects this year across insurance claims, banking, lending, retail and investigation.

Every client has taken on board our recommendations and improved what they do. Some start from a great place. We acknowledge that and help them to spot the gaps and maybe adjust priorities to particularly fit with the intelligence we gather on the fraudsters and their focus.

Others are working in the same way they did a decade ago. They have success but need to do more or do things differently.
However, we support the whole industry because collaboration, knowledge sharing and becoming the predator rather than the prey is what we need to stop the fraud epidemic we face,

If you want formal help, get in touch but the enemy is not fellow counter fraud providers, internal teams, or peers but the fraudsters themselves.

For that reason, we are happy to share some questions we ask when conducting a fraud review. A few clients have remarked that it was the questions I asked that won the business, rather than a slick pitch:

· Are the processes and procedures in place proportionate?
· Is there an effective balance between the use of technology and trained confident people?
· Are processes for detecting fraud documented and embedded within the wider operational process?
· Are the processes known and understood by the staff that operate them?
· Is the escalation process understood and owned by those using it?
· Are people trained to identify fraud?
· Is the data analysed to improve prevention, detection, and containment of fraud?
· Is the data accurate and inform the organisation of trends, threats and results beyond profit and loss?
· Is the fraud risk reported and accountable at board level?

Ask those questions in your organisation. If the answer is a resounding and confident yes, then well done.

If you cannot then your organisation has urgent work to do.

My fave feedback on a final report. One word ‘awesome’

Let’s be careful out there…Use our contact page to get more information about fraud, financial crime, AML and cyber risk reviews and assistance.