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Fraud Awareness for Financial Services

Course description

This training is about identifying and preventing customer and workplace fraud

Annual fraud losses in the Australian financial sector are currently running at well over half a billion dollars. In the Financial Services Industry we typically think of fraud involving customer accounts and loans. But just like any other industry, financial services businesses are also subject to other sorts of fraud, many of which are also covered in this training.

Defending a business against fraud requires staff to be educated on fraud typologies and modalities.

Experience shows that internal fraud (payroll fraud and expense account fraud, accounts payable fraud etc) is more likely to be identified by staff member tip-offs than by auditors or internal procedures.

To defend against external fraud (customer fraud, supplier fraud, loan fraud, ID takeover fraud etc) financial services businesses have sophisticated fraud detection software in operation, but this still needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.

This course teaches staff

  • How to identify and respond to fraud in the workplace
  • How to recognize the types of fraud committed by customers and third parties and their role in combating this fraud
  • What the consequences of fraud are for both the fraudster and the organisation
  • How to prevent fraud from occurring
Fraud detection software needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.

Who should do this training?

This training is especially suitable for financial services customer-facing staff and staff who work in other fraud risk areas, such as: accounting, operations, sales, executive/upper management, and purchasing

Course outline

Module one: Introduction to fraud Duration: 15 minutes

-       Defining fraud

-       Types of fraud

-       The risk of fraud to your organisation

-       Who commits fraud

-       Consequences of committing fraud

Module two: Internal fraud Duration: 20 minutes

-       Red flags of internal fraud

-       Accounts payable frauds

-       Sales and inventory frauds

-       Payroll and expense account frauds

Module three: External fraud Duration: 25 minutes

-       The dangers external fraud poses to a financial services business

-       Identifying and responding to the various types of loan fraud

-       The typologies of online payments fraud

-       Cheque fraud, card fraud, and fraud issues related to the New Payments Platform

-       Non-banking types of external fraud

Module four: Identity fraud Duration: 20 minutes

-       Defining identity fraud

-       Common identity theft techniques

-       Minimise the risk of your identity being stolen

-       How to protect customers from identity fraud

-       What to do if identity fraud occurs

Module five: Fraud risk management Duration: 20 minutes

-       Elements of a fraud risk management framework

-       Ways to build fraud awareness

-       Fraud prevention methods

-       Elements of a fraud detection and reporting program

-       Elements of a fraud response system

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