Fraud is rising across the banking product range and surfacing in different forms across the globe. Fraud risk management is a proactive approach towards fraud and aims at preventing and detecting fraud early on. Organizations rely on IT to conduct business, communicate, and process financial information. A poorly designed or inadequately controlled IT environment can expose an organization to fraud. Today’s computer systems, linked by national and global networks, face an ongoing threat of cyber fraud and a variety of threats that can result in significant financial and information losses. IT risks include threats to data integrity, threats from hackers to system security, and theft of financial and sensitive business information. Beyond monetary losses fraud has other negative consequences that impact an institution reputation, customer loyalty, and the confidence of the shareholder. The financial institutions need an integrated framework together with most comprehensive plan and modern fraud detection and prevention. We assist management in developing fraud prevention strategies by identifying risks and weaknesses in their processes and evaluating potential gaps in their control framework.

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