Fraud

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Fraud alert-Jun-26-2024-01-00-43-4824-PM

New fraud typologies are emerging and spreading globally

Criminals are implementing new and recycling old fraudulent schemes, such as:

Investment share-sale scams;
Cryptocurrency scams;
Romance scams; and
Money mules

threatening consumers and firms with AI-enhanced social engineering. The vectors of attack utilised by fraudsters are also diversifying, prompting organisations to monitor threats coming from:

Digital platforms;
Payments systems;
Data security; and
Human behavioural vulnerability.

The rapid evolution of regulatory frameworks worldwide aimed at combating these threats further compounds this complexity. Firms are required to navigate the need to respond to immediate threats, boost their existing fraud risk management operations, as well as develop a long-term fraud prevention strategy.

What is a fraud prevention strategy?

Within this threat landscape, firms need to protect themselves from financial losses incurred because of weak fraud controls. Furthermore, regulators are increasingly focusing on the effects of fraud, including:

Targeting vulnerable customers;
Damaging firms’ reputation and threatening the integrity of the markets;
Increasing the threat that economic crime poses to socio-economic development;
Effective preventative controls in addition to detection controls.

Firms need to strike an increasingly delicate balance when allocating resources between detecting fraudsters among their customer bases and protecting their customers from becoming victims of fraud.

How Plenitude can help

Plenitude’s Fraud Practice can help regulated firms ensure their fraud controls are effective, efficient and proportionate in order to meet regulatory obligations, reduce fraud losses and operational costs. Our services include:

Independent Assessment:

assessing existing strategies, processes and systems to improve fraud detection rates, enhance customers’ experience, and reduce fraud losses
Technology Market Evaluation:

providing a comprehensive analysis of emerging technologies and market trends to enable informed decision-making
Outsourced Teams:

deploying fraud teams to bolster fraud defences, enhancing their business security, reputation and trustworthiness
Horizon Scanning and Threat Analysis:

anticipating potential risks (AI, etc.), conducting threat assessments and advising clients on effective preventative measures
Education and Awareness Training:

advanced fraud training programmes, to bolster staff understanding of fraud risks and customer behaviour
Transformation programmes:

implementing recommendations from our Fraud Independent Assessment as well as wider transformation support, including Fraud Strategy and Target Operating Model definition

Our Services

Our capabilities address the entire spectrum of financial crime risks and, as a full-service provider, we can meet all of our clients’ needs in order to deliver a truly integrated consulting service. We can assist with a wide range of needs, including independent assessments, policy and standards enhancement, risk assessments, specialist tech and data support, and remediation and transformation program design and execution. No matter what the requirement, we are here to help.

Discover more about our services and see why our integrity, passion and delivery excellence have been praised by so many clients.

Advisory & Transformation

Clients typically engage us when they have been subject to regulatory feedback, are expecting a visit from the regulator, or have concerns and want to take proactive action. Regardless of the situation, we can help.

S166 Skilled Person Services

Under the Financial Services and Markets Act 2000 (FSMA), the FCA’s Section 166 review is an independent review by a third party (a ‘skilled person’) about aspects of a regulated firm’s activities where the FCA has concerns or requires further analysis.

Fraud Practice

Global regulatory shifts are compelling financial organisations to prioritise fraud prevention more than ever, and rising fraud complexity highlights the critical role of operational teams as the first line of defence.

Digital Assets Practice

In slightly more than a decade, the digital assets industry has skyrocketed to a market cap of over 2 trillion USD, bringing innovations poised to revolutionise monetary systems, financial services and beyond.

Technology Advisory Services

Regulated firms face a constant battle against financial crime, and technology plays a crucial role in this fight. However, leveraging technology and keeping up with innovation comes with its own set of challenges.

Data Analytics Services

Data quality, siloed systems, and the ever-evolving tactics of criminals make effective data analysis a constant battle. Firms need to break down these silos to get a holistic view of customer activity and identify hidden patterns that might indicate a financial crime threat.

KYC Managed Service

The regulatory landscape continues to evolve placing increased regulatory pressure and demand on institutions to meet their KYC/CDD compliance obligations, often at significant cost.

RegTech Products

Our RegTech subscription products enable our clients to manage financial crime obligations, country and client risk more effectively while reducing internal risks, costs and resource demands.