Building Resilience Through Advanced Fraud Risk Management Solutions

Our business solutions and services

Fraud strategy

Fraud Strategy entails creating a long-term development strategy and identifying effective means of addressing and preventing fraud. It also underscores the importance of clear communication with legislators and supervisory bodies to ensure regulatory alignment. A robust fraud strategy enables organizations to safeguard their operations and strengthen their reputation, establishing a sustainable framework for continued success and compliance.

Fraud Risk Assessment

Assessing the preparedness of an institution regarding potential fraud attacks. Fraud Risk Assessment, includes the evaluation of technical capabilities, incident response, customer communication and training plus inter-organizational collaboration.

• Technical capabilities: The ability to effectively prevent or detect fraud, for example based on the customer's payment history, and to identify certain payments to be stopped in accordance with the regulatory requirements.
• "Incident response": Prompt response to reports of misuse and minimizing accidents caused by both the institutions and its customer.
• Customer communication and training: Organizing awareness-raising campaigns for customers, especially the elderly or disadvantaged. For example, financial institutions have hosted podcasts related to fraud detection, and some even have a dedicated customer service phone number solely for fraud cases.
• Inter-organizational collaboration: Strategic partnerships and cooperation between businesses, regulatory bodies, law enforcement agencies and financial institutions. This collaboration facilitates the sharing of critical information, best practices, and technological tools to enhance fraud detection and prevention measures.

Gap assessment on compliance with Fraud regulatory requirements

Conducting a comprehensive gap assessment to identify non-compliance with current and emerging Fraud regulations. The scope of regulations includes the 5 / 2023 MNB guideline and 12 / 2022 MNB guideline regarding fraud prevention, detection and internal lines of defence. As a result of the gap assessment, institutions gain an overview of the main vulnerabilities of their Fraud risk management system and Fraud prevention, detection policies, enabling them to identify development areas to achieve compliance with regulations.

Ex-post Fraud incident detection

Analysing past fraudulent activities to identify patterns and undetected anomalies, leveraging advanced data mining and forensic techniques to reveal hidden fraud operations. The assessment also includes evaluating the institution’s operations, procedures and policies regarding fraud prevention and risk management frameworks. The result of the assessment uncovers vulnerabilities within the existing systems to pinpoint the root cause of fraud attacks.

Provision of experienced staff for short- and long-term secondments

We provide close collaboration with fraud professionals for both short-term and long-term engagements, tailored to meet your specific needs. Whether addressing urgent issues or collaborating with local teams over longer projects, our experts support you in building fraud strategy, strengthen fraud prevention, detection, manage complex fraud programmes and implement solutions that enhance your organization’s resilience against fraud. Leveraging Deloitte’s extensive industry expertise, we deliver innovative solutions and utilize international benchmarks, ensuring your ability to address fraud attacks more efficiently.

Fraud prevention and detection trainings, process improvement and advisory services

We have a vast experience in delivering fraud risk management trainings, tailored to different levels of management, recognizing that each tier of management faces unique challenges and responsibilities in terms of fraud prevention.

Complementary services offered by the team include fraud management process improvement and on-call advisory.