What are the areas in which banks's Anti Fraud teams focus on?
In my experience during working with 4-5 different organizations, I have found that in some countries bank's primary focus for fraud prevention & detection is only on Retail Banking and they ignore Corporate Banking and support functions like Procurement, IT and Operations. I was thinking about the reason and other than the high visibility & numbers in Retail banking couldn't think of other reasons. Could it be that in retail Banking mostly it's external fraud but in other functions it is internal fraud (senior management doesn't want to prevent it!) or it's lack of expertise (Anti fraud teams of the bank)in these fields. To use professional skepticism, one scenario is that in India most of the Anti Fraud team learned the trade secrets of Fraud Risk from the couple of professionals who had worked in one MNC bank, where specialization was on identifying, preventing, investigating frauds in a DSA (Sales vendors) model, who were primarily used for sourcing reta