Fraud
Fraud and scams continue to pose a significant threat to society worldwide.
New fraud typologies are emerging and spreading globally
Criminals are implementing new and recycling old fraudulent schemes, such as:
- Investment share-sale scams;
- Cryptocurrency scams;
- Romance scams; and
- Money mules
threatening consumers and firms with AI-enhanced social engineering. The vectors of attack utilised by fraudsters are also diversifying, prompting organisations to monitor threats coming from:
- Digital platforms;
- Payments systems;
- Data security; and
- Human behavioural vulnerability.
The rapid evolution of regulatory frameworks worldwide aimed at combating these threats further compounds this complexity. Firms are required to navigate the need to respond to immediate threats, boost their existing fraud risk management operations, as well as develop a long-term fraud prevention strategy.
What is a fraud prevention strategy?
Within this threat landscape, firms need to protect themselves from financial losses incurred because of weak fraud controls. Furthermore, regulators are increasingly focusing on the effects of fraud, including:
- Targeting vulnerable customers;
- Damaging firms’ reputation and threatening the integrity of the markets;
- Increasing the threat that economic crime poses to socio-economic development;
- Effective preventative controls in addition to detection controls.
Firms need to strike an increasingly delicate balance when allocating resources between detecting fraudsters among their customer bases and protecting their customers from becoming victims of fraud.
How Plenitude can help
Plenitude’s Fraud Practice can help regulated firms ensure their fraud controls are effective, efficient and proportionate in order to meet regulatory obligations, reduce fraud losses and operational costs. Our services include:
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Independent Assessment:
assessing existing strategies, processes and systems to improve fraud detection rates, enhance customers’ experience, and reduce fraud losses
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Technology Market Evaluation:
providing a comprehensive analysis of emerging technologies and market trends to enable informed decision-making
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Outsourced Teams:
deploying fraud teams to bolster fraud defences, enhancing their business security, reputation and trustworthiness
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Horizon Scanning and Threat Analysis:
anticipating potential risks (AI, etc.), conducting threat assessments and advising clients on effective preventative measures
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Education and Awareness Training:
advanced fraud training programmes, to bolster staff understanding of fraud risks and customer behaviour
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Transformation programmes:
implementing recommendations from our Fraud Independent Assessment as well as wider transformation support, including Fraud Strategy and Target Operating Model definition
Our Services
Our capabilities address the entire spectrum of financial crime risks and, as a full-service provider, we can meet all of our clients’ needs in order to deliver a truly integrated consulting service. We can assist with a wide range of needs, including independent assessments, policy and standards enhancement, risk assessments, specialist tech and data support, and remediation and transformation program design and execution. No matter what the requirement, we are here to help.
Discover more about our services and see why our integrity, passion and delivery excellence have been praised by so many clients.
Data Analytics Services
Data quality, siloed systems, and the ever-evolving tactics of criminals make effective data analysis a constant battle. Firms need to break down these silos to get a holistic view of customer activity and identify hidden patterns that might indicate a financial crime threat.
Our specialists
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