India Banking Fraud Survey, Edition IV
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Financial crime across the globe is expected to rise in response to the uncertainty in the business landscape. For banks, the economic slowdown has only heightened the risk of fraud and money laundering. Banking sector regulators have been at the forefront of fraud mitigation strategies, prescribing frameworks that banks need to adopt to have a better view on fraud risks.
With this backdrop, the fourth edition of the Deloitte India Banking Fraud Survey attempts to understand banks’ mechanism to tackle fraud risks, impact of new operational models on fraud risk management, and perspectives on making strategic investments for the future.
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Currently, the alert definitions configured for EWS and fraud monitoring systems are primarily based on a customer’s transaction in the bank and financial statements.
The current traditional methods of fraud detection are plagued with the lack of centralised control, limited feedback from FRM processes, lack of risk-based monitoring, focus on detection than prevention, etc. To transform to a proactive, agile future and achieve a robust and comprehensive system, EWS and FRM needs to be integrated.
Currently, most early-warning and transaction monitoring systems that generate fraud alerts are rule-based. When a certain threshold exceeds/certain conditions are met/recurrence is identified, the transaction is marked for further investigation.
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