Fraud Typologies and Controls

Discover how firms can mitigate the risk of falling victim to fraud and other financial crimes for themselves, their customers, or their employees. After this course you will understand the essential elements of an anti-fraud strategy, including the fraud and ethics policy, the fraud response plan and a risk assessment. You will appreciate the different elements to be considered by a financial crime manager when producing an organisation’s risk profile, what internal measures will reduce the risk of fraud, and why a fraud-averse culture is crucial to an organisation. Further, the course examines the vulnerability of customer accounts to fraud and outlines various types of fraud such as deposit fraud, fraudulent credit applications, employee-related lending fraud, and credit card fraud, enhancing your ability to spot and mitigate these risks. This course is ideal for professionals working in or aspiring to work in areas where financial crime prevention is important to their role. Such areas include compliance roles, risk functions, those with fraud prevention responsibilities and regulatory representatives. While it offers valuable insights for all professionals, it is best suited for individuals early in their careers. 3b

• Know the fundamental elements of an anti-fraud strategy
• Identify the common elements of fraud and ethics policy
• Grasp the importance of fraud-awareness programmes
• Explain the purpose of a risk assessment
• Appreciate the different elements to be considered when riskprofiling an organisation
• Differentiate between preventive controls and detective controls
• Understand how effective personnel policies can reduce fraud risks
• Understand the importance of physical security, access controls and information security procedures
• Outline the significance of authorisation limits and the segregation of duties
• Detail what constitutes a fraud-averse culture and why it is important
• Describe the vulnerability of customer accounts to fraud
• Outline the different types of fraud that involve customer accounts
• Discuss deposit fraud, fraudulent credit applications and mortgage fraud
• Understand how impersonation can be used in banking fraud