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Fraud Crisis Management Service Launched
February 2012 by Marc Jacob
Fraud prevention consultancy UKFraud.co.uk (www.ukfraud.co.uk) has launched a new Fraud Crisis Management Service (FCMS) to support organisations that experience sudden changes in the type and size of fraud losses that they are experiencing.
The new service will help businesses ensure that all aspects of fraud are promptly dealt with and reviewed, and that plans are put in place to defeat the fraudsters whether they use financial, commercial, internal or ‘cybercrime’ methods in their attack. The service incorporates all aspects of technology and techniques required to review the impact of the fraud and other related losses. It also reviews the detailed process, management, organisational and ‘ownership’ issues that can prevent counter measures from being effective.
The new service allows businesses or departments that identify fraud problems to:
– Address strategic, systemic and policy decisions that inhibit the organisation from stopping, finding or measuring fraud.
– Identify system and process weaknesses in the fraud and risk controls.
– Establish stronger reactive and proactive system controls.
– Determine the best preventative and deterrent measures to take, with the behavioural cues in place to deter the opportunist fraudster.
– Diagnose which fraud detection and cybercrime protection tools are not working as they should be, or that should be introduced.
– Ensure that the business has full investigative measures and tools in place to combat the fraud that it is experiencing.
– Identify adequate and effective data-sharing tools and improvements within a proper and legal data protection framework.
– Enhance the effectiveness of the fraud, finance and IT teams managing investigations for the organisation.
– Determine how advanced behavioural methods can be applied in practice throughout the company’s systems, technology, documentation and processes.
The types of fraud covered under the service include all types of ‘first party fraud’ i.e. ‘customer or claimant’ fraud as well as attacks from internal staff, staff collusion and supply chain fraud.
