Gertwin Wubs is a fraud management expert with over 20 years of experience. He currently works as a Solution Lead for Fraud and Economic Crime Management at Ordina. In this role, he helps companies shape anti-fraud strategies, select appropriate technology platforms, and mitigate risks related to fraud, money laundering, terrorist financing, and sanctions. Managing fraud risks effectively provides benefits like a safer society, fewer customer fraud victims, lower regulatory fines, and protection of an organization's reputation and finances. Good fraud management is crucial for identifying and addressing all relevant fraud-related risks.

1. FRAUD
MANAGEMENT
October 2022
Gertwin Wubs

2. Who am I:
• Gertwin Wubs, 48 years old
• Wife and 2 daughters (12 and 14)
• Amersfoort
FEC experience:
• Rabobank - FEC employee (2 years)
• Protiviti - Fraud Risk consultant (1 year)
• Credit Agricole - Manager FEC (11 years)
• Association Financing Companies NL - Chairman Strategic and Operational fraud
committee (7 years)
• Knab/Aegon Bank - Manager FEC & KYC (3.5 years)
• Ordina - Solution Lead FEC (current)

3. FEC
MANAGEMENT
AT ORDINA

4. 4
ORDINA HELPS COMPANIES STAY AHEAD OF CHANGE
Our integral approach combines deep domain knowledge and intelligent technology
Strategy
o Shape FEC strategy to align with corporate
strategy & risk appetite;
o Identify integrity risks based on the current
situation (SIRA) Shape strategy for KYC and
Client Integrity.
o Define and operationalize required actions in
a plan.
Data
o Safe and meaningful disclosure of relevant data
sources.
o Use of AI and Machine Learning to optimize detection
and prevention..
o Creation of management information and
(automated) reporting to authorities,.
Operations
o Help with remediation, lookbacks, and calibration
of rules.
o Domain expertise in the areas KYC/CDD, Fraud,
AML/CFT, and Sanction.
Platforms
o Selection of fitting (cloud) platforms, e.g. RiskShield,
FCRM, Forensic Cloud, Pega, …
o Implementation across the entire chain, based on
specialized domain knowledge.
o Maintain and optimize complex platforms using
intelligent tooling.
IN CONTROL OF YOUR
FINANCIAL
AND ECONOMIC CRIME RISKS

5. 5
WHO WE WORK WITH
MITIGATING FINANCIAL AND ECONOMIC CRIME RISKS

6. TODAY’S
GOALS

7. 7
Understanding:
• What fraud is
• How someone becomes a fraudster
• The difference in managing external and internal fraud risks.
• What the benefits of good Fraud management are

8. FEC RISKS

9. 9
Fraud
Money Laundring
Terrorist Financing
Sanction
(Bribery/Corruption)

10. 10
Fraud
Money Laundring
Terrorist Financing
Sanction
(Bribery/Corruption)
Why highlighting Fraud?
1. It is the ground crime
for AML and often TF
2. It is important to know
what fraud is and how
it occurs, because
then you can manage
it in the best way
possible.

11. WHAT IS
FRAUD?

12. 12
KEYWORDS

13. 13
KEYWORDS
Intentional
Deception
Personal gain

14. 14
FRAUD
An intentional act of deception for financial or
personal gain to the disadvantage of others.

15. WHO IS A
FRAUDSTER?

16. 16
“DE GELEGENHEID MAAKT DE DIEF”
OPPORTUNITY MAKES A THIEF
LEAVE THE FOX TO WATCH THE GEESE

17. 17
OR DOESN'T IT

18. 18
SO HOW OFTEN DO YOU
COMMIT FRAUD?

19. THE
"INGREDIENTS"
OF FRAUD

20. Opportunity
Pressure
Fraud
Rationalization
FRAUD TRIANGLE

21. 21
FRAUD TRIANGLE
Opportunity
circumstances that allow the fraudulent act to take place.
E.g. weak controls, lack of segregation of duties, too much trust.
Pressure
motivation or incentive to commit the fraudulent act.
E.g. pressure to perform, dissatisfaction with pay, overlooked for promotion, high bills, debt.
Rationalisation
mind-set that justifies the wrong doing.
E.g. “other people are doing it”, “it does not hurt the organisation”, “it is what I deserve”.

22. MANAGING
EXTERNAL
FRAUD RISKS

23. Opportunity
Pressure
Fraud
Rationalization
The Opportunity is the
primary influence
“button”
What can you influence yourself?

24. Opportunity
Pressure
Fraud
Rationalization
This is where IT comes in

25. Opportunity
Pressure
Fraud
Rationalization
Opportunity
Ask the question
Is there any chance of e.g.:
• Stealing data
• ID Take Over
• Phishing
• Fake data
• Account take over
• Money Laundering
• Terrorism Financing
• Payment request-fraud
• …………………………………

26. MANAGING
INTERNAL
FRAUD RISKS

27. You can influence all three
Opportunity
Pressure
Fraud
Rationalization
Opportunity:
E.g.
Authorization and segregation
of duties
Rationlaization:
E.g.
Safe work place where people feel
respected.
Pressure:
E.g.
Good listening
Advance payment on salary

28. You can influence all three
Opportunity
Pressure
Fraud
Rationalization
Opportunity:
E.g.
Authorization and segregation
of duties
Rationlaization:
E.g.
Safe work place where people feel
respected.
Pressure:
E.g.
Good listening
Advance payment on salary
Culture

29. You can influence all three
Opportunity
Pressure
Fraud
Rationalization
Culture
Do we speak to each other about
undesirable behavior? Good exemplary management
behavior
Do you address someone
without a company
badge/card? Is there a true focus on
people and their (personal)
problems?

30. FRAUD RISKS

31. 31
With fraud (FEC), the greatest risk
is not in what you see, but in what
you don't see.

32. 32
OPPORTUNITY
Everything that can happen will
happen.......
It's just a matter of time.

33. 33
WHAT ARE THE BENEFITS OF
GOOD FRAUD MANAGEMENT
• Contribution to a safer society
• Fewer customers victim of fraud
• Less chance of fines from regulator
• Less reputational risk
• Prevented damage / Less damage for the bank

34. 34
BOTTOM LINE
In fraud management, it is crucial to have all relevant
risks identified and managed.

35. N GERTWIN WUBS
T +31 (0)6 254 25 194
E gertwin.wubs@ordina.nl
●Questions?