Joint Fraud Taskforce10 February 2016
Good news is always welcome. We’ve all been aware for some time that properly combating fraud requires substantial inter-agency working and better mechanisms for banks to share intelligence with law enforcement. The launch of the Joint Fraud Taskforce promises to put the right people around the table to make real progress in this area.
Focussing largely on retail banking and the consumer, the Joint Fraud Taskforce will join up the excellent work being done by agencies such as the City of London Police’s Dedicated Cards and Payment Crime Unit, the National Fraud Intelligence Bureau and the NCA’s Economic Crime Command. With strong backing from the big four retailers and major challengers, the taskforce looks set to be a real asset to the UK.
It remains the case that companies and the public sector need to protect themselves from fraud – whether that is by directly responding to consumer reports or defending against the insider threat.
Building a ‘counter fraud culture’ is the best way to work toward this. To be successful, Financial Crime and Counter Fraud can’t just be departments in your organisation. Instead, they must be pervasive themes, playing roles in everyday working practice.
Our advice is broadly to make sure that you’re covering the following topics:
- Deterrence – ‘soft’ work – make employees aware of your policies and zero-tolerance approach
- Prevention – ‘hard’ preventative measures to make fraud more difficult. Conduct regular risk analysis.
- Detection – ensure that you have capacity to detect fraud when it is occurring
- Investigation – Back up the above with a strong investigative capacity
- Sanctions – take significant action in support of your zero tolerance approach
- Review – conduct regular reviews, not just into your cases but also your processes, looking for weak points.
By working in and reviewing each of these themes you will find ways to enhance your capabilities, whether that’s through refining your messages to staff or investing in training for those at the heart of your investigative capacity. As part of our work we’re happy to talk to you in more depth about building your capacity and can provide training if you are eager to protect yourself, your company and your clients from potential risk – all you need to do is get in touch."View All News