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Fraud management system

Purpose

Like other firms, insurance companies have to consider frauds and fraud attempts. Indeed, they can suffer heavy losses and jeopardise their continued good functioning. Therefore, it is heartily advised to prevent, detect and investigate fraud with an adequate detection system. A fraud system will help you to industrialise and systemise your fraud management prevention and detection workflows. It is also well suited for large volume or a wide range of transactions types. Meanwhile you can concentrate resources on analysing fraud instead of on manual detections.

Deloitte services offering

Fraud systems

Deloitte developed fraud systems which strengthen and automate the monitoring activities at a reasonable cost based on internal and external data (employees, customer, third parties…). Tools provided may contain an investigation module to manage alerts generated during the detection and prevention processes. Alerts can be confirmed or skipped, assigned to users, reports, etc.

Understand your fraud risks

In order to meet your expectancies, Deloitte will help to determine the limited area of your business on which the proof of concept will be performed. We will prepare the first "Fraud Health Check Workshop” which records:

  • Policy, procedures and fraud controls,
  • Known instances of fraud,
  • Unexplained exceptions,
  • Exceptions due to complicated/poorly understood process, etc.

Then the fraud risks are assessed and ranked.

Proof of concept implementation

We will help defining relevant detection rules and models to be used in the proof of concept. Possible early triggers or emerging signs of complex situations supported by inconsistent data, duplicates or missing entries relative to target areas must be defined and we will conduct a full scale risk analysis. We can also adapt the fraud system from very specific fields to more general fields.

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