Fraud Risk Management

We assist our clients to design controls that prevent fraudulent activities perpetrated by external parties against the financial institution itself or its customers.

How is external fraud committed?

External fraud can be committed in various ways across an organisation especially where reliance is placed on digital processes. Below are some common methods:

  • Identity theft: Fraudsters steal personal information to impersonate individuals and commit fraudulent activities.
  • Phishing and spoofing: Deceptive messages trick recipients into sharing sensitive information or visiting fake websites.
  • Account takeover: Unauthorised access to accounts allows fraudsters to conduct fraudulent transactions or steal data.
  • Impersonation and fraudulent schemes: Fraudsters pose as trusted individuals to deceive victims and gain access to sensitive information or make fraudulent payments.
  • Exploiting weak security measures: Inadequate security measures provide opportunities for fraudsters to access systems, install malware, or manipulate data.

Why it is important to have a robust fraud risk management program?

Fraudsters are continuously seeking new opportunities to exploit these digital processes, making it challenging for organisations to identify, prevent, and manage fraud effectively. To address these challenges, organisations need to establish comprehensive fraud risk management programs to manage fraud risk. A comprehensive fraud risk management program helps organisations protect their financial resources, maintain a positive reputation, comply with regulations, operate efficiently, and build trust with stakeholders.

How we can help

We can act as independent parties to perform reviews of your organisation's fraud risk management programme, providing an objective evaluation of its effectiveness and compliance with relevant regulations. This helps to identify gaps and provide you with recommendations on the improvements and enhance overall fraud risk management capabilities.

Deloitte can conduct a comprehensive assessment of an organisation's current fraud risk management capabilities. This analysis helps identify strengths, weaknesses, and areas for improvement, enabling organizations to enhance their anti-fraud strategies effectively.

Leveraging our experience in external fraud prevention, we can assist organisations in developing or enhancing your fraud risk management framework covering areas such as governance and oversight, risk assessment, fraud alert disposition guidances etc. Deloitte can also help design a response plan to effectively address fraud attacks, considering industry practices.

Deloitte can collaborate with organisations to develop a target operating model for fraud risk management. This includes defining the ideal structure, processes, and technologies required to manage fraud risks efficiently. Deloitte can also assist in creating a transformation roadmap to guide organisations through the necessary changes and enhancements.

Deloitte can conduct thorough fraud risk assessments to assist you in understanding your residual risks by identifying potential vulnerabilities and assessing the strength of existing controls, supplemented with mitigation strategies. This helps your organisation proactively address areas of high risk and implement targeted fraud prevention measures.

Deloitte can provide comprehensive fraud awareness training to various stakeholders in your organisation. This training enhances their understanding of common fraud schemes, red flags, and reporting mechanisms, empowering them to actively participate in fraud prevention efforts.

Contact us

Kalyani Vasan

Kalyani Vasan

Partner, Financial Crime Compliance, Financial Advisory

Kalyani is the Financial Crime Compliance Leader for Deloitte Southeast Asia. Prior to joining Deloitte, Kalyani worked in Global Financial Institutions. She has experience leading and managing projec... More