To be effective at managing fraud risk, Fraud operations teams need to be nimble and Fraud risk management teams need to have made investments in establishing an effective fraud risk management program. They need to be able to identify fraud surges and fraud attacks earlier and be better at discerning who is a bad actor and who is a true customer (and in recent years this has become more challenging). These teams need to be prepared to react, leveraging skilled people, efficient and effective processes, emerging technology, and timely and accurate information. But equally important is the culture around which these programs operate. Leadership needs to set a tone at the top, one that stresses the need for the institution to be “fraud ready”. “Fraud Ready” means that an institution has the flexibility and processes in place to always be looking ahead for the next wave of fraud.
So how can financial institutions be more proactive? Better yet, how can organizations build a culture that aims to mitigate risk and be “fraud ready?”. KPMG’s Financial Services Fraud professionals have a well-established track record of helping Fraud risk management leaders and operations teams to proactively get to this state. Ranked as #1 for Most Authoritative Risk Firm, Quality of Risk Transformation, and First Choice Risk Advisory Firm to Work With, KPMG can assist our clients through:
- Current state assessments and risk assessments that help identify areas for process improvements, and formulate a transformation strategy that can help firms get to a “fraud ready” state efficiently;
- Strategy working sessions that can help fraud leadership identify technology solutions that address top-of-mind challenges, help reduce redundancy, and formulate a roadmap to achieve an enhanced state;
- Process simplification reviews, fraud technology implementations, and fraud rules tuning exercises, that can improve the functionality of your existing program by reducing volumes and significantly reduce the cost of running those processes;
- The outsourcing of fraud operational processes, through a managed service model, either in whole or in part. Where KPMG has taken over an entire process, our clients have saved up to 50% while maintaining a 95%+ quality track record.
- Fraud alert, and case surge support that, arranged on an on-call basis, can help firms alleviate the pressure of fraud volumes when they increase;
- Fraud investigations support where KPMG professionals work alongside firm resources to investigate specific fraud schemes and assist in enhancing the controls implemented to mitigate identified schemes and others moving forward; and
- Fraud training development and delivery that help institutions train on the latest fraud best practices, industry insights and trends, allowing them to upskill their workforce and educate their customers.
Whether your institution is looking for assistance in enhancing a component of your Fraud program or wants to tackle the daunting task of overhauling your program to get to a “fraud ready” state, KPMG’s Fraud professionals can support you every step of the way while lowering your overheads and reducing your fraud losses.