Fraud prevention managers have a new resource to help them tackle the threat of what they British Bankers Association (BBA) calls increasingly sophisticated financial crime.
New guidance produced by the BBA and MHA Consulting (MHA) will help financial institutions protect themselves from fraudsters, limit the associated financial losses, meet legal obligations under the Proceeds of Crime Act and, ultimately, protect customers from becoming victims.
Covering in detail such topics as identity theft, computer fraud, cyber crime, investigation techniques, and the different frauds perpetrated against specific parts of the financial sector, the guide is the first single, comprehensive reference source of its type. It will help managers in large and smaller financial organisations identify risks and take practical actions to prevent fraudulent activities damaging UK business and peoples lives.
The guide provides case studies, analysis of current scams, practical procedures, advice and guidance on dealing with insider fraud and collusion. As Philip Robinson, Sector Leader Financial Crime, FSA says in his foreword: "It’s encouraging to see the industry taking the lead over this initiative, without any direct involvement from the FSA, to draw together their knowledge, advice and good practice guidance on fraud risk management. The time is right for us all to raise our game and join together to fight fraud in partnership."
What they say
Sally Scutt, deputy chief executive of the British Bankers’ Association said: "A financial sector that is fully aware of the risks and warning signs of different types of fraud is better able to help its customers avoid becoming victims themselves. With regulators and the Government both providing more resources towards fighting crime, it makes sense for the financial sector to take stock of the initiatives and measures that have been put in place over the years and to make this generally available to those who might be less aware of the risks involved." Michael Hyland, director of MHA said: "Recent surveys show that losses by the financial sector from economic crime are increasing and the perpetrators are becoming increasingly more sophisticated. In response to these threats, the FSA has made fraud prevention a priority for 2005, putting the emphasis squarely on all financial firms to work with trade associations and advisers to help tackle the problem."
The 380 page publication The Fraud Managers Reference Guide is available from the British Bankers’ Association. Ring: 020 7216 8890 or MHA Consulting 01756 700041, price £195. Editors of the guide, Sue Thornhill and Michael Hyland, are directors of MHA, a UK consulting firm working to protect organisations from financial crime and comply with the UK anti-money laundering legislation. Chair of the Editorial Panel was David Lennox, director, fraud prevention and intelligence unit at the BBA.
