The fraud prevention team has the task of minimising the financial damage to the organisation caused by fraud losses. They map out the risk of fraud and closely monitor changes, shifts and trends, including all actions necessary to identify fraud (as early as possible) and maximise debt recovery. Via its own team or via a network of partners such as collection agencies, lawyers and bailiffs.
It is the task of the fraud manager to outline efficient (automated) processes and to implement them in the day-to-day organisation based on a concrete action plan. They closely monitor the successful detection rate of fraud and make recommendations to improve it further.
The department has a wide range of data, tools and platforms available to obtain relevant information. It goes without saying that an analytical mind and sufficient technical knowledge are necessary in this field. Timely and up-to-date information on current fraud developments is crucial.
Proactive prevention and detection of fraud is one of the biggest drivers for fraud employees. The challenge here is to serve customers quickly, without compromising on risk assessment. The coronavirus crisis that has accelerated the digital transformation of many companies is also leading to an increase in attempted fraud. It creates additional challenges for the fraud management department. By automating the risk assessment and using new data sources, time is freed up to give more attention to questionable files.
Other responsibilities that may be assigned to fraud management include ethics and integrity management, legal and regulatory compliance, AML, corruption, intellectual property and contract management.
The fraud manager maintains excellent relationships with other stakeholders such as finance, marketing, sales, customer services, IT, etc. All these departments have one thing in common: minimise the damage to the organisation through fraud.
Fraud prevention employess will also benefit from a strong external network. For example, they will maintain close contact and build professional relationships with competent government departments, sector organisations and similar services at other institutions to step up the fight against fraud.
- New trends in fraud detection
- Criminal fraud
- Organised crime
- Balancing between customer satisfaction and fraud prevention
- Ingenuity of fraudsters
- Legislation and data protection
- Pace of technological change
- Minimise fraud, maximise collection of outstanding debt
- Information and development of colleagues to help prevent fraud
- Build lasting and valuable relationships
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