FRAUD
Fraud continues to increase because of the growth of impersonation and deception scams and complex online attacks. All these methods target customers’ personal and financial details, including card data, to facilitate fraud.
Home > Financial Crime Compliance > Fraud
Fraud is the gaining of an illicit advantage through deception and in particular the manipulation of financial information or accounting records. These crimes typically involve some form of deceit, subterfuge or the abuse of a position of trust, which distinguishes them from common theft or robbery. In today's complex economy, fraud can take many forms, such as internet fraud, books and records fraud, falsification, theft of company assets, credit card fraud, identity theft, phishing, banking fraud, employee fraud and so on. Fraud can be perpetrated by persons outside as well as inside an organisation and by collusion.
The increasing globalisation of fraud continues with much of it driven by enhanced communications infrastructure, in particular the increased availability of high speed internet access and low levels of regulation and law enforcement capabilities in some countries. Fraudsters continue to use new techniques to commit their crimes including the use of cyber technologies and the internet as an enabler.
HOW CAN WE HELP?
In order to determine the adequacy of existing systems and controls and whether they meet the relevant ABC standards, we perform some or all of the following for our clients:
-
Risk Assessment in order to understand risks and threats.
-
Control Testing to assess your control environment and develop ways of dealing with gaps or weaknesses in a way that suits your business.
-
Control Framework to help you set up a monitoring framework, develop relevant checking procedures and introduce ways of keeping a regular eye on key risk factors and indicators of fraud, corruption and abuse.
-
Big Data & Advanced Analytics identifies patterns deep in your data to identify fraud and aggregate large volumes of information to make regulatory reporting much faster.
-
Forensic Data Analysis captures, manages and analyses data to enable fraud-risk identification reviews.
-
Data Mining uses large data sets to identify fraud patterns and make detection algorithms more accurate.