This document discusses cost-effective fraud prevention and detection measures. It evaluates automation versus manual processes, resources, implementation time, insourcing versus outsourcing, and the maturity of fraud risk management functions. Prevention tools covered include onboarding checks, fraud awareness training, product and process reviews, fraud risk assessments, and deterrents. Detection tools discussed are data analytics, mystery shopping, whistleblowing programs, internal audits, networking, and maintaining fraud risk visibility. Opportunities mentioned are collaboration across organizations, adding value, understanding the fraud risk lifecycle, and implementing effective measures.

1. Cost-Effective Fraud Prevention
and Detection Measures
Charanjeet Singh- CFE, CISM
All the content in this presentation is personal views of the
speaker and does not represent views of the Employer
either current or past, or any of the associations.

2. Content
Background
Evaluation criteria
Prevention tools
Detection tools
Opportunities

3. Background
Fraud Triangle
Reduce opportunities Monitor pressure points
Minimise rationalisation

4. Evaluation Criteria
• Automated v/s manual
• Resources
• Implementation time
• In house or outsourcing
• Maturity stage of FRM function

5. Prevention Tools
• On boarding checks - Staff, customers and vendors
• Fraud awareness - Generic & Customized, channels,
medium of delivery and audience
• Product & process review - Risk identification and
mitigation before launch
• FRA - Risk identification & mitigation and process v/s
practice
• Setting up of deterrents - Reporting, database, disciplinary
and legal action

6. Detection tools
• Data Analytics - On boarding and transactional
• Mystery shopping - Penetration testing to check manual and
automated controls, policy v/s practice
• Whistle blowing - Channels, visibility & governance
• Walks on the floor - Customer facing & internal areas
• Networking - Industry and functional
• Visibility - Out of sight should not mean out of mind

7. Opportunities
• Collaboration
• Value add
• Life cycle of fraud risk
• Effective

8. Summary
• Optimal utilization of resources
• Proactive
• Cost efficient and effective
• Collaboration

9. Make use of what is available
Thank You
Questions ?
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All the content in this presentation is personal views of the
speaker and does not represent views of the Employer either
current or past, or any of the associations.