PSFA Releases Fraud Loss Measurement Framework with Australia

Key aspects of the publication include:

➡️ Core principles and processes for conducting FLM exercises;

➡️ A methodology for conducting fraud loss measurement exercises;

➡️ Guidance on conducting statistical sampling to support exercises;

➡️ An outline of the business drivers for conducting FLMs; and

➡️ Attributes and governance arrangement required to effectively implement FLMs.

✅ Firms should ensure FLMs are comprehensive, integrating the best practices outlined in the report to improve fraud identification and prevention.