These guys are so motivated, they keep on coming with different versions, always looking out for that weak spot to hit on. It's exciting to be on the anti fraud side, very challenging, never gets boring.
It is always challenging to identify rotten apples in corporate sector but just like kitchen, these can be identified by smelling (Red Flags), occasionally picking a apple (top performers/poor performers) and at times by tasting it (Mystery shopping). I think all this sounds easy but must be difficult to implements, that's the only reason i can think of, why organizations don't do this regularly. Of course background checks remain the 1st part of this whole process.
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
These are basic guidelines which would go a long way towards fraud prevention & detection. Any Anti fraud expert would vouch for it that job rotation is the most effective and efficient way of fraud detection. I have heard stories about how clerks in certain nationalized banks in India, would give a pass to promotions to avoid getting transferred. There may be genuine reasons for the same or a understanding that if they move, irregularities may come to light. I have seen Indian regulator being very active in terms of taking proactive action and people working there understand what they are talking about. I recall this is second set of specific guidelines issued by RBI on fraud risk. Good to see that fraud is being recognized as a key threat, at least those organizations who think of fraud risk management related investment as a cost would understand importance of it. I expect rise in demand for Anti Fraud professionals through such steps, similarly vendors provid...
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