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Fraud Prevention Detection and Management
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Fraud Prevention Detection and Management

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  • 1. Fraud
Preven+on,
Detec+on,
and
 Management
 Vivian
Lim
 1St
Valley
Bank
 2010
RBAP‐MABS
Na.onal
Roundtable
Conference
 Hya=
Hotel
and
Casino,
Manila
 June
2‐3,
2010

  • 2. Fraud Prevention: Bank Policies and Procedures •  HR Policy on Personnel: > Rotation of account specialists and annual leave of bank officers •  Procedures: 1. Unannounced visits of the Supervisors to clients to validate account status 2.  Accountable receipts are used on field collections 3.  Daily checking and turnover of receipts 4. Dual client’s card (client’s copy must be signed by bank staff) (bank’s copy must be signed by the client) 1st Valley Bank, Inc.
  • 3. Fraud Prevention 5. Does not allow receipt of loan proceeds by a representative 6. Daily callback of transactions 7. Clients are informed during orientation that they should always ask for a receipt for every payment made 1st Valley Bank, Inc.
  • 4. Fraud Detection •  Bank’s policies: 1.  Suspension or leave without pay while full audit is being conducted 2.  Salaries and benefits are on hold •  Initiatives: 1. We train our auditors/supervisors (some are account specialists before) 2. We mobilize the auditors and supervisors 1st Valley Bank, Inc.
  • 5. Fraud Detection 1.  Other Account Specialist/s at the branch and the Supervisors know the accounts handled by one employee 2.  The bank files legal action 1st Valley Bank, Inc.
  • 6. Fraud Detection 3. Recovery: > We go after the cash bond/fidelity bond > We go after the family and negotiate settlement > We go after the assets of the offender or ask collateral from him or from his family (e.g. home appliances, land title, etc) 1st Valley Bank, Inc.
  • 7. Fraud Management Handling of information on cases of fraud: > The bank publicizes it internally to serve as lesson to other bank staff 1st Valley Bank, Inc.
  • 8. Fraud Management Managing out: 1.  Re assignment to another department not handling cash 2.  Transfer to farthest branch 3.  Termination of employee 1st Valley Bank, Inc.
  • 9. THANK YOU!!! 1st Valley Bank, Inc. (A Rural Bank) www.1stvalleybank.com Your Lifetime Friend 1st Valley Bank, Inc.