Zero tolerance to Frauds

It's been a long time since i wrote on the blog.I got an opportunity to work on a international project & it is proving to be one of the best phases of professionsal life in Fraud Risk Management function.We did fraud risk assessment & found that factors like employee motivation,controls functions ,continuous employee background/activity verification ,reconciliation,policy compliance in different departments,management capability etc are playing a vital role in terms of controlling fraud levels.Though these are known to every one & applies in all markets but motivation for fraudsters vary from market to market , Deterrent types also varies,one deterrent which works in X market may not work in Y market.Similarly fraud prevention methods vary from country to country due to logistics, people capabilities.

Corporate Developments Credit Suisse said it plans to set up a second back office in India and hire 350 staff by 2010. Nordic IT services group EDB Business Partner said it is planning to cut up to 150 jobs as part of a NKr400 million ($59 million) cost cutting programme. Sun Microsystems has agreed to be acquired by Oracle in a $7.4-billion all cash deal, after its earlier talks with IBM collapsed. Tech Mahindra, an Indian IT firm, has won the bidding to buy a 51% stake in fraud-hit Satyam Computer Services for around $579 million. Core Banking Bank Bumiputera Indonesia has implemented a new IT system worth $5 million from local vendor Silverlake Axis Integrated Solutions with the help of IBM Global Technology Services. Neptune Software announced the successful implementation of its Rubikon Banking system at TN Bank in Zimbabwe. Jordan Islamic Bank has chosen STS, a local IT service and enterprise solutions provider, to deploy a new Islamic core banking system supplied by FACT, based ...

I found this artcile / survey very informative and relevant to us in Fraud Risk Management , given the trying times we are all in the subject interested me more Integrity Survey 2009. I trust all will find this very interesting reading i have given you the link where you may if interested to be able to download the entire report.

Fraud prevention is often treated as a cost centre rather than a strategic business unit.what can anti fraud professionals do to change the perception.i truly believe that if collections can be treated as a line function then Fraud prevention cell too should be treated as a line function rather then a support function.I feel that this unit is always treated as a supprt unit due to which it doesn't get it's dues.I feel that if goal sheet for the unit is revised to show more of tangible results then it may help in changing the perception.At the same time repositioning is required to move potential savings to actual savings.one step could be to conduct fraud checks at the end of all process so that true savings can be shown.for eg post credit sampling would highlight cases with ctaual savings as all these are approved cases.would like to hear other thoughs about this

The Value of Role Models in the Downturn 8:56 AM Monday March 2, 2009 It's hard to find many bright spots in the increasingly gloomy economy , but they're out there. Among big companies, IBM and Procter & Gamble are bright spots. IBM's earnings have beaten forecasts; P&G has a robust business and has already integrated its huge Gillette acquisition relatively seamlessly. Why are these and select other companies faring OK today? Because they made important changes well before the recession hit full force. This includes, for these two companies, a re-emphasis on values and ethics. This downturn's survivors will be the role models for a new kind of business practice that is more socially responsible not as an add-on or after-thought but as a first thought at the core of its business operations. That's a good thing, because numerous revelations of misdeeds - from Bernard Madoff to Indian software entrepreneurs - always turn up when conditions turn down. That...

Enforcing Security Policies Beyond Office Walls Controlling Risk Wherever Your Employees Are FAST-GROWING USE of mobile technology is forcing IT security experts to rethink how they keep equipment, employees, and data safe outside the office. Policies and tools that work within the corporate firewall or campus are often unable to keep laptop-toting employees from getting into trouble when they connect to uncontrolled networks at home or while traveling. “If you’re a road warrior, once you leave the four walls of your corporate office or don’t otherwise have access to the virtual private network, you can go wherever you want and do pretty much anything,” says Lawrence Orans, research director at Gartner. “This presents its own set of risks to the company.” Those Pesky Policy Knowledge Gaps Those risks are unfortunately magnified by inadequate employee training. Jonathan Rutherford, head of corporate and public sector marketing for Vodafone UK (online.vodafone.co.uk), says the growing f...

Financial Institutions, 21 January 2009 Citigroup to splits up the bank Citigroup said it is reorganizing the group into Citicorp and Citi Holdings. Citicorp will include the retail bank; the corporate and investment bank; the private bank; and global transaction services. Citi Holdings will consist of the asset management and consumer finance segments, including CitiMortgage and CitiFinancial. It will also be in charge of Citi's 49% stake in the joint brokerage with Morgan Stanley BBK launches Capinnova Investment BankBank of Bahrain & Kuwait (BBK) has launched its syariah compliant investment banking arm - Capinnova Investment Bank. The wholesale Islamic investment bank is licenced by the Central Bank of Bahrain. Capinnova has an authorised capital of $500 million and paid-up capital of $125 million. Its core businesses include private equity, asset management and corporate finance. India: Scotiabank to trade in precious metalsCanada’s Scotiabank said it is planning foray int...

Retail Banking, 21 January 2009 JPMorgan to rebrand WaMu branches for $300 million JPMorgan Chase said it will spend $300 million to rebrand 708 branches and 1,900 ATMs in California with the Chase logo as part of its integration with Washington Mutual (WaMu). It will also spend $75 million to open an additional 20 branches throughout the state in 2009. All WaMu branches will be rebranded nationwide by the end of 2009.Citi restructures private banking in ChinaCiti said it is restructuring its private banking business in China, denying a news report which said the bank would close it. As part of the restructuring, the bank reportedly said it is merging the private banking with its consumer banking business. TCB to set up joint insurance arm with BNP The Taiwan Cooperative Bank (TCB) has inked a joint venture agreement with BNP Paribas Assurance to set up an insurance arm with an initial working capital of NT$2 billion ($60 million). TCB will take up a controlling 51% stake with BNP owni...

Risk Management, 21 January 2009 Basel Committee announces enhancements to Basel II The Basel Committee on Banking Supervision has issued a package of consultative documents to strengthen the Basel II capital framework. The proposed changes to capital requirements cover trading book exposures, including complex and illiquid credit products; certain complex securitisations in the banking book; and exposures to off-balance sheet vehicles (ie asset-backed commercial paper conduits). National Bankshares names new chief financial officer US-based National Bankshares announced the appointment of David K Skeens as treasurer and chief financial officer. Skeens will continue to serve as senior vice president of Operations and Risk Management at the community bank subsidiary, National Bank. China busts 40 illegal banks in five months More than 40 major illegal private banks were uncovered in a five-month joint operation between the Ministry of Public Security, the People's Bank of China and ...

Indians flee Dubai as dreams crash N Raghuraman / DNA 14/01/2009 It's the great escape by Indians who've hit the dead-end in Dubai. Local police have found at least 3,000 automobiles — sedans, SUVs, regulars — abandoned outside Dubai International Airport in the last four months. Police say most of the vehicles had keys in the ignition, a clear sign they were left behind by owners in a hurry to take flight. The global economic crisis has brought Dubai's economic progress, mirrored by its soaring towers and luxurious resorts, to a stuttering halt. Several people have been laid off in the past months after the realty boom started unraveling. On the night of December 31, 2008 alone more than 80 vehicles were found at the airport. "Sixty cars were seized on the first day of this year," director general of Airport Security, Mohammed Bin Thani, told DNA over the phone. On the same day, deputy director of traffic, colonel Saif Mohair Al Mazroui, said they seized 22 cars ...

The G30 group of experts, led by Barack Obama’s advisor Paul Volcker, has published 18 proposals for a financial system overhaul. While Citi will split in two, Bank of America will receive $138 billion to prevent it from turning its back on a moribund Merrill Lynch; the UK Treasury is working on a new bailout package. African Union leaders are discussing the creation of the African Investment Bank, hoping to launch the long-delayed project by year-end with $25 billion in capital. The Iranian government will reportedly open a branch of Export Promotion Bank in Karachi this year and seek closer ties with the State Bank of Pakistan. The CEOs of Mizuho’s financial group, corporate bank and retail bank will be replaced April 1st, but their newly-created chairmanships will make Mizuho one of Japan’s most top-heavy groups. CBRC chairman Liu Mingkang has told listed state-owned banks and joint-stock commercial banks in China to increase their NPL coverage ratios to 130% and 150% respectively....

Further to my earlier posting on what Fraud Managers should do for 2009, its important to ensure the Fraud Work is completely understood by most importantly the CEO and to the Board of Directors , Business Heads. Please revisit the number of times the Fraud Managers interact with Policy, Audit, Compliance,Credit Teams in your respective orgnaisations. Your monthly updates, business newsletters go to who all ? Is the content simple ? Is it only data we are showing ? Patterns ? Most of our front end activity reflects the poor sourcing and weak customer accqustion process, have we been able to significantly impact on this with inputs that can benefit the orgnaisation. How can fraud managers help business managers achive targets ? Are you all marked in all marketing plans, target market testing , invitation for town house or calls on business perfomance reviews ? Are you and most importantly your teams also invited to all the business conferences, reviews, that happen in your orgnisatio...

Very informative. CCR World magazineThe latest issue of CCR World magazine is also available to read online, completely free of charge. Simply click on this link: http://edition.pagesuite-professional.co.uk/Launch.aspx?referral=other&refresh=e12N3T0ji7C1&PBID=fcdb42ce-d430-4a92-b20d-7712ebac7476

Most of the Podcasts available on i-tunes is free of cost, however you will need to have an ipod, and the i-tune downloadable free of cost from the apple site.

Good T V Serials we can watch Boston Legal Dexter C S I Miami C S I New York The Practice Damages Burn Notice Perry Mason The Equilizer Murder she wrote L A Law Crossing Jordan The Unit Heroes John Adams Weeds The Shield Numbers Criminal Minds Shark The Monk Most of these have a legal story, investigation , crime related, it helps in understanding methods of detection, way of the criminal mind, defence lawyers vs the courts, logic, long court battles, hair-raising court room scenes, prespectives of the peverted minds, how they are caught, how math helps in solving crimes, clues, interrogation etc. Some of them are on air , else you can always rent them from a large library or buy them from amazon.

I am appending a small list of movies people can watch any time. Dan in Real Life I am Legend Sound of Music Catch Me if you Can 16 Blocks Family Stone R V Ghostbusters Falling in love Winchester 73 The Magnificent Seven 10000 B C Where Eagles Dare Butch Cassidy and the Sundance Kid The Jason Bourne Series Shoot to Kill The Boys from Brazil Enigma Gorky Park The American President Wall Street Apocalypto Good Morning Vietnam Fire Fox The Dirty Dozen The Wild Geese Cleopatra See no evil , Hear no evil Money Train Avalanche Express Cassandra Crossing Telefon Death Wish 1,2,3 Karate Kid Rambo First Blood Rocky Last Train from Gun Hill Rio Bravo

Mobile spyware.is it real or some scam to download spyware on the user's mobile http://www.spymastertools.com/Ultimate-Bluetooth-Mobile-Phone-Spy_p_0-8.html i think such products can provide a sense of security as well as threat.they may also download spyware on the instrument of person who intends to use it on a third party's mobile instrument.at the same time it's a threat to privacy.

For those familiar with Podcast there are a host of very interesting podcasts that can be downloaded daily or in a frequent basis from many of the leading Consultancy Groups, Orgnisations, and professional sites. All you have to do is to go to the AppleItune page and see the podcasts listing in the menu, you will find a variety of topics, subjects, industry, GK, forensic investigations etc, please click the link and accept the same on the I-tune, every day the same can be downloaded to your IPOD, and its a wealth of information for us in this industry. For businenss management you have the Harvard Idea Cast which is essence of conversations on varied topics and subjects that matter the world most by the elite Harvard Professionals. The best thing about podcasts is that you can listen to this on your i-pod any time , replay it , pause it at your conveneince. I felt many may like to seek information other than fraud related subjects and i-tune podcasts provide one such avenue to enhance ...

Its a very good time for all Fraud Managers to re-visit : Scope of the Fraud Policy for their respective orgnaisations SWOT study List Achivements made in the year 2008 List Shortfalls in the year 2008 What where the surprises , what where the lessons learnt What they did well with little effort, what they did not achive inspite best efforts Financials of the FCU Unit Clear identification of Change leaders in the Units Clear - Well Defined Job Roles with pin point Job Descriptions Plan for the year 2009 ( Manpower and Financials ) 5 importants things for the year 2009 to focus on Mission Statement for the year 2009 Strategy Paper for the year 2009 What else can Fraud do in light of growing delequency, fraud losses, SKIPS Strategy to show Fraud Recovery this will be a welcome sign to any orgnaisation as far as flows inward on NCL accounts Quality Control Audits for the Fraud Vendors and for Process Testing of entire FCU workflows Automation and Innovation A detailed drape document on a...

Ernst & Young, in conjunction with Oxford Analytica, interviewed more than 100 analysts, representing 11 industrial sectors and more than 20 academic disciplines. Respondents were asked to identify and provide commentary and insight on the top 2009 business risks likely to face leading global firms in their sector. Their views on the major long term issues threatening businesses in 2009 have been encapsulated in the attached Report. Risks rated as having the greatest impact across the largest number of sectors were chosen as the top 10 risks for global business in 2009. This year the credit crunch displaced regulation and compliance from last year’s top spot. There were a number of unexpected outcomes from this year’s study. For instance, ‘business model redundancy’ was ranked as the 9th top business concern. In light of the fact that many sectors are having to make long-established business models obsolete, it was surprising to see that a review of an organisation’s strategy is so...