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Bank Fraud Prevention and Detection
  • Overview
  • Objectives & Outline
  • Methodology
  • Participant Profile
  • Trainer
  • Overview
    PROGRAMME DETAILS

    DATE

    26 - 27 September 2019

    TIME

    9:00 AM – 5:00 PM

    VENUE

    Asian Banking School

    This programme focuses on prevention of fraud by providing the knowledge and skills needed to prevent it and minimise the risk of fraudulent activities at the bank. Fraud takes many forms, but it is almost always preventable when an organisation has the right policies, procedures and controls securely in place. Participants will learn about bank fraud prevention and detection measures to help protect banks and their customers. This programme reiterates the responsibility of managers and officers of the bank in the prevention and detection of fraud, together with the laws and regulations to deter fraud.

    LEARNING LEVEL
    Intermediate
    PROGRAMME FEE

    AICB MEMBER

    MYR

    2,200*

    / PAX

    NON-MEMBER

    MYR

    2,700*

    / PAX

    * Subject to 6% Service Tax

  • Objectives & Outline
    LEARNING OBJECTIVES
    By the end of the programme, participants will be able to:•

    • Understand Know-Your-Customer, Know-Your-Employee, and Know-Your-Control in fraud prevention and detection
    • Recognise the common types of fraud
    • Identify red flags and critical areas that cause opportunities for fraud
    •  Understand the major internal controls and their purpose
    •  List seven preventive measures of fraud
    • List five detective measures of fraud
    • State the implications of fraud
    • Illustrate the various modes of cyber-crime
    • Appreciate artificial intelligence (AI) and the future of financial fraud
    • List at least three tools for risk management
    • Know the laws and regulations to deter fraud 
    • State five examples of banking frauds

    PROGRAMME OUTLINE

    Factors that are present in every situation of fraud 

    • The Fraud Triangle (pressure, opportunity and rationalisation)
    • Weaknesses that lead to fraud - the three Cs (Customers, Controls and Culture)

    Types (internal and external) of bank fraud
    • Identity fraud, falsification of supporting documents and new account fraud
    • Cash fraud - such as skimming, cash larceny, etc.
    • Cheque fraud - such as counterfeiting, forgery, alteration, etc.
    • Account fraud - such as unauthorised account maintenance, manipulation of expense accounts, etc.
    • Digital fraud such as phishing, malware, etc.

    Three critical areas that cause opportunities for fraud
    • Where internal controls, checks and balances are weak
    • Where there is a lack of segregation of duties
    • When management can override preventive controls

    Five major internal controls and purpose
    • Periodic internal and external audits and checking
    • Dual controls and separation of duties, especially for large value transactions exceeding stipulated limit
    • Reconcile bank accounts on a timely basis
    • Review critical reports such as exception items, suspense accounts, etc.
    • Verify controls applied via audit or management review

    Fraud prevention measures
    • Screen job applicants carefully to prevent internal fraud
    • Strengthen the internal controls e.g. positive pay for cheque payments and dual controls
    • Promote a culture of compliance and ensure staff strictly follow stated procedures
    • Strengthen authentication system e.g. multi-factor authentication
    • Employ new technology solutions
    • Raise awareness through fraud related programme
    • Need to improve staff motivation level

    Fraud detection measures
    • Cash monitoring e.g. surprise cash count, monthly cash count, etc.
    • Recognise fraudulent cheques: counterfeit - cheques not written or authorised by legitimate account holder; forged - stolen cheque not signed by account holder; altered - cheque issued by account holder but has been intercepted and the payee and/or the amount of the item has been altered
    • Suspicious transactions
    • Daily reconciliation

    Implications of fraud

    • Lost resources
    • Decreased productivity
    • Lowered morale
    • Investment of time and money into investigation
    • Punishment and remediation
    • A hit to the company's reputation

    The big picture of cyber-crime in banking. Costliest types of attacks for banks
    • Denial of service
    • Phishing
    • Malicious insiders

    Artificial Intelligence (AI) and the future of financial fraud - leverage technology especially the new neural networks to identify fraudulent activities and stop them before they cause harm.

    Tools for operation risk management to assess and control risks that are inherent in daily operations:
    • Risk and Control Self-Assessment (RCSA)
    • Key Risk Indicators (KRI)
    • Compliance Testing

    Penalty for fraud under Malaysian laws
    • s.34, s. 417, s. 420, s. 477A of the Penal Code
    • s. 3, s.4, s. 5 of the Computer Crimes Act 1997
    • s. 236 of the Communications and Multimedia Act 1998
    • s. 9 of the Personal Data Protection Act 2010
    • s.4(1) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 Act
    • s. 24 of Malaysia Anti-Corruption Commission Act 2009

    Case study and examples of five banking frauds

  • Methodology

    Interactive lectures, group discussion, group activities, quizzes, case study and video presentation

  • Participant Profile

    Mid-level and senior executives in branch and head office, and those who want to gain an insight into bank fraud prevention and detection

  • Trainer

    JOSH SOO CHEE SEANG

    Josh Soo holds a Bachelor’s Degree in Economics majoring in Statistics from the University of Malaya. He has 31 years of broad banking experience from working at four banks and has held various responsibilities, including as Sales and Operations Manager, Branch Manager and Head of Channels Process Management at UOB. Josh is a Certified Credit Professional in Business Credit and has held the position of Branch Manager for 5 years, responsible in sales and marketing activities for loans to achieve assigned branch’s targets, including the small and middle enterprises (SMEs) business loans. Josh has also been involved in foreign exchange and money market settlement, trade finance marketing and operations, branch banking and management, channels process management and training.

    In his last position as Head of Channels Process Management for about 8 years, he was tasked to improve efficiency by optimising processes, strengthening internal controls and ensuring regulatory compliances were in place. He was involved in banking standardisation, rationalisation and digitisation. His key roles included writing new or revising branch guidelines, optimising processes, meeting regulatory requirements and technological changes, and ensuring internal and fraud prevention controls were in place.


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