Fraud Prevention Solutions

We offer a comprehensive set of fraud prevention solutions tailored to your specific circumstances, including:

• Your business goals
• Products you offer
• The size of your business
• The available resources, including human resources and technology
• Your risk appetite
• Your governance structure
• Client demographics
• Your countries of operation, their applicable laws, regulations and licensing requirements
• Operational requirements, including:

• Fraud risk assessment
• Customer Onboarding Fraud Controls
• Ongoing Customer Monitoring
• Transaction monitoring
• Ongoing customer due diligence
• Staff vetting and training
• Internal reporting
• Ad-hoc and periodic reporting

 

Our solutions cover:

• Fraud Prevention Program Design: Including fraud risk assessments, establishing fraud alerts and customised red flag indicators, controls, procedures, escalation, and oversight mechanisms for different types of businesses (startups, company groups, high-risk corporates, etc.)
• Fraud Prevention Framework Enhancements: Updating and improving fraud risk management systems based on identified gaps, regulatory changes, and operational improvements
• Fraud Prevention Training: Delivering effective training programs focused on practical application and fraud risk management
• Fraud Prevention Technology Integration: Assisting with the selection, integration, and testing of fraud detection and monitoring tools tailored to your operational and compliance needs
• Fraud Prevention Program Implementation: Leading and coordinating the rollout across the business, managing milestones, facilitating cross-departmental collaboration, and aligning deliverables with compliance and risk management objectives

Our focus areas include:

• Fraud risk assessment
• Fraud detection systems
• Compliance training on fraud risks
• Transactional fraud detection
• Fraud-related compliance testing
• Fraud risk management governance
• Regulatory fraud frameworks
• Developing necessary procedures, manuals and protocols for fraud risk management
• Fraud investigation
• Internal controls for fraud prevention
• Real-time monitoring tools
• Suspicious activity identification
• Incident response protocols
• Root cause analysis for fraud events
• Transaction monitoring enhancements
• Fraud analytics and reporting
• Compliance-driven fraud controls
• Vendor fraud risk management
• Triggers and red flags’ customisation and implementation
• Fraud scenario planning
• Regulatory fraud reporting
• Fraud metrics and KPIs
• Whistleblower protection systems

 

Services Coverage

We offer fraud prevention solutions to various financial institutions, financial service providers, and reporting entities subject to anti-money laundering and counterterrorist financing regulation, including but not limited to:

• Investment bankers
• Investment firms
• Fund managers
• Brokers, including forex brokers
• Fintech companies
• Non-bank deposit takers
• Non-bank lenders
• Online casinos and gambling platforms
• Currency exchange providers
• E-money issuers
• Money remitters and money transmitters
• Payment gateway providers
• Derivatives issuers and platforms
• Neo-banks
• P2P lending platforms
• Crowdfunding services and platforms
• Financial advisers
• Investment advisers
• Financial planning specialists
• Wealth managers
• Custodial or depository service providers
• Licensed trustees
• Consumer credit providers
• Building societies
• Savings and loan associations
• Credit unions
• Corporate finance providers
• Finance Companies
• Designated non-financial businesses and professions (DNFBPs), including trust and company formation providers (TCSPs)

 

We help businesses deal with the following types of fraud (this list is not exhaustive):

• Identity Fraud
• Transaction Fraud
• Insider Fraud
• Phishing Fraud
• Technology Fraud
• Loan Fraud
• Payment Gateway Fraud
• Social Engineering Fraud
• Digital Asset Fraud
• Third-Party Payment Fraud
• Cross-Border Fraud
• Account Takeover Fraud

 

Jurisdictional Coverage of our Fraud Prevention Solutions

Our countries of focus for this service include, but are not limited to:

• Australia
• United Kingdom
• United States
• Singapore
• European Union
• New Zealand
• Prominent formation centres, including:

• Belize
• British Virgin Islands
• Cayman Islands
• Dubai
• Bermuda
• Panama
• Jersey
• Malta
• Mauritius
• Seychelles
• Vanuatu

 

Fraud Prevention Program Design

We focus on the effectiveness and efficiency of your fraud prevention program to ensure it is fit for purpose in your circumstances, aligning it with:

• Applicable laws and regulations
• Sector-specific red flags and indicators
• Actual fraud controls on the ground
• Business-specific risks, vulnerabilities, and red flags identified in your fraud risk assessment
• Your overall risk management framework and risk appetite

We design fraud prevention programs to help you navigate the complexities of fraud prevention requirements in a commercially oriented and goal-focused manner, making it an effective cornerstone to support all aspects of fraud risk mitigation. Our focus areas include, but are not limited to:

• Development of customised risk assessment methodologies for inherent and residual risk rating
• Identification of fraud risk factors across business activities
• Risk scoring systems for customer, product, institutional, service delivery, and jurisdictional risks
• An effective set of triggers for partial or/and full reassessment
• Linking risk assessment results to effective internal reporting
• Linking reassessment results to evaluations in the fraud prevention program and other policies and procedures
• Implementation of fraud prevention controls into your customer onboarding process, ongoing due diligence process, transaction monitoring process, etc

• Internal reporting structures on fraud risks, fraud analytics and reporting and root cause analysis for fraud events
• Fraud control testing methodologies
• Fraud controls testing triggers that would initiate risk re-assessments

 

Fraud Prevention Procedures and Protocols

We offer a well-designed set of fraud prevention procedures, protocols, manuals and other material to implement your fraud prevention policy or/and program, including:

• Suspicious activity identification
• Fraud detection dashboards
• Fraud detection system guidelines

• Compliance-driven fraud controls
• Fraud reporting workflows
• Incident escalation protocols
• Vendor fraud risk management
• Fraud investigation protocols

 

Fraud Prevention Framework Enhancement

We offer fraud prevention framework enhancements to increase its overall effectiveness, reflecting on:

• New compliance requirements, changes to the existing regulatory regime, and adaptations to regulatory compliance guidance
• Business growth and expansion
• Changes in risk ratings, risk appetite, risk assessment methodologies, emerging fraud risks integration, etc
• Auditors', regulators', and AML/CFT supervisors’ findings, including identified deficiencies and breaches
• Results of previous fraud control testing
• Industry benchmarking
• Transaction monitoring enhancements
• Emerging fraud risk mitigation
• Internally identified areas of improvement and gaps
• Introduction of new products
• Cross-Department Collaboration: Addressing fraud through coordinated efforts across compliance, operations, and IT teams.
• Best practice benchmarking
• Other triggering events

 

Fraud Prevention Technology

Our focus areas for this service include:

• Needs Assessment
• Compliance Technology Selection: Tailored to your budget, operations, and compliance obligations
• AI-powered fraud detection tools
• Machine learning fraud analytics
• Real-time fraud alerts
• RegTech fraud solutions
• Compliance automation for fraud
• Integrated fraud prevention platforms
• Providing implementation assistance across the business
• Assisting with testing to validate functionality, usability, and integration with operational, risk management, and compliance structures
• Streamlining internal documentation, including policies, procedures, workflows, and process maps, to accommodate the technology selection

 

Fraud Prevention Program Implementation

We assist businesses with fraud prevention framework rollout by:

• Developing and documenting fraud prevention policies and procedures tailored to their resources, industry, size, risk profile and other factors
• Establishing clear escalation protocols for fraud-related incidents, including reporting pathways to management, boards, and relevant authorities
• Integrating advanced fraud detection technologies, such as anomaly detection systems, real-time transaction monitoring, and AI-based tools
• Fraud prevention training across departments on fraud detection, prevention, and escalation responsibilities
• Mapping and testing fraud prevention controls to validate their operational effectiveness and alignment with identified fraud risks
• Implementing a fraud communication plan to streamline the flow of information between departments and stakeholders. Also, creating incident response and recovery plans to address fraud-related breaches and mitigate potential damages
• Setting up regular fraud risk assessments and linking them to the overall risk management framework.
• Assisting with system implementation for fraud detection (see the fraud prevention technology section above)
• Leading fraud control testing, establishing appropriate methodologies, analysing results, and reporting findings. Also, making appropriate adjustments to following the testing results
• Aligning fraud prevention efforts with regulatory compliance obligations, including fraud prevention regulations, AML/CFT requirements, financial licensing requirements, etc
• Establishing fraud reporting and analytics dashboards to provide real-time insights and trends to management and compliance teams
• Developing customer and vendor onboarding protocols to address fraud risks at initial points of engagement

 

Fraud Prevention Framework for Small Businesses and Startups

Startups and small businesses providing financial services are likely to encounter scams, fraud, and financial crime soon after they begin operations. It is essential to get this part of your compliance management framework right with the resources you have while preparing to adjust it as your business grows. Otherwise, gaps in fraud management may become a barrier to business growth, particularly when expanding banking rails, liaising with regulators, etc.

Our solutions for small businesses and startups focus on establishing an effective fraud prevention framework that aligns with risk management, regulatory compliance requirements, and industry standards, allowing for adjustments as your business develops.

In addition, our fraud prevention solutions for SMEs include:

• Cost-effective fraud solutions
• Effective fraud controls
• Basic fraud detection tools
• Scalable fraud management
• Incident response protocols and procedures

 

Fraud Prevention Framework for Company Groups

Managing fraud prevention across multiple jurisdictions and products can be a complex task.

Our years of experience with multi-jurisdictional financial institutions allow us to tailor your fraud detection and prevention structure to fit different products and regulatory requirements while maintaining overall effectiveness and oversight. Our areas of focus include, but are not limited to:

• Group-Wide Fraud Oversight: Establishing centralised governance structures to ensure visibility and accountability across all entities.
• Centralised Fraud Reporting: Developing unified reporting mechanisms for real-time tracking and escalation of fraud incidents across jurisdictions.
• Coordinated Fraud Risk Management: Aligning fraud risk assessments and mitigation strategies across subsidiaries while accounting for local nuances.
• Unified Framework Integration: Integrating fraud controls into a cohesive framework that adapts to different products, business units, and regulatory environments.
• Fraud Risk Standardisation (Where Applicable): Standardising fraud detection and prevention measures for consistency while allowing flexibility for jurisdictional requirements.
• Trend Analysis Across Products: Tracking fraud trends and typologies across specific product lines to detect emerging vulnerabilities early and prevent oversight when juggling compliance across multiple offerings. This helps future-proof your fraud prevention strategies by identifying risk patterns tied to product lifecycle stages, transaction behaviours, and customer segments.
• Cross-Entity Fraud Tracking: Implementing systems to track and consolidate fraud data across subsidiaries, ensuring seamless cross-entity fraud monitoring.
• Cross-Jurisdictional Compliance Alignment: Ensuring fraud prevention strategies meet local regulatory obligations while aligning with global standards.
• Technology Harmonisation: Integrating fraud prevention tools and technologies across entities for consistency in detection, monitoring, and reporting.
• Data Sharing and Escalation Protocols: Establishing secure processes for sharing fraud-related insights and escalating significant incidents across group entities.

 

Fraud Prevention Framework for High-Risk Corporates

Financial institutions and businesses prone to fraud often face higher regulatory scrutiny. With years of experience supporting high-risk corporations with fraud detection and prevention, we offer solutions designed to meet heightened scrutiny, higher standards, and expectations linked to your business size, available resources, and other key factors. Our focus includes, but is not limited to:

• Enhanced Fraud Risk Assessments
• Multi-Layered Fraud Controls
• Integration of Advanced Fraud Prevention Technologies (e.g., transaction monitoring, anomaly detection, AI-based fraud analysis)
• Intensive Fraud Monitoring Protocols with continuous oversight of high-risk processes
• High-Risk Transaction Analysis to detect irregularities and emerging fraud patterns
• Frequent Fraud Audits focused on high-risk areas and control validation
• Targeted Fraud Investigations tailored to specific incidents and emerging fraud typologies
• Specialised Staff Training aligned with regulatory expectations and high-risk operational standards
• Risk and Compliance Oversight for fraud controls, ensuring integration into the company’s overall risk and compliance management frameworks
• Fraud Prevention Controls Mapping and Control Testing to validate the design and operational effectiveness of fraud prevention measures in onboarding processes
• In-Depth Process Mapping and Optimisation to identify process vulnerabilities, fraud risks, and opportunities for control enhancements
• Governance Oversight for Fraud Prevention to ensure board and leadership accountability for fraud management