Fraud Compliance
Proven fraud compliance solutions for your organization.
Maintain Integrity. Build Trust.
Data breaches, identity theft, card fraud…as these issues increase in frequency and severity year after year, the pressure is mounting on banks and financial institutions. These trends are contributing to the erosion of trust the public has in the financial sector. That’s why many financial institutions seek to implement robust, flexible, and dynamic fraud mitigation programs – but many lack the resources, staff, and experience to manage a modern program.
Our Fraud Mitigation Program
Team Adhoc's fraud mitigation program is built on three pillars of success:
Fraud Program Design & Creation
For banks, credit unions, and other financial institutions that do not yet have a fraud program in place, Team Adhoc’s experts guide you toward creating a program from scratch. We’ll begin by helping you determine your goals and outline an overarching program strategy, and then develop a detailed blueprint that includes:
- staffing recommendations (both in-house and outsourced).
- training plans.
- policies and procedures.
- audit and testing requirements.
- ongoing assessment and tracking metrics to ensure long-term success.
Independent Fraud Program Review & Risk Assessment
For institutions with an established program, Team Adhoc offers a comprehensive fraud program review and risk assessment designed to pinpoint areas of potential enhancement within your organization’s systems and processes. This allows you to take proactive steps to bolster your organization’s defenses.
Our fraud program assessment and implementation are made up of three distinct phases:
Phase 1: Evaluation of Current Fraud Program
We’ll conduct a comprehensive review of your existing fraud prevention program, including examining policies, procedures, and internal controls to identify areas of opportunity within your institution’s risk tolerance levels. We will also:
- Assess personnel training needs.
- Evaluate internal and external audit reports.
- Assess the adequacy of your current third-party technology solutions to ensure they meet fraud mitigation goals.
- Review alert write-up samples.
- Review your existing reporting and escalation processes.
- Evaluate the entire fraud incident lifecycle, ensuring continuity and identifying bottlenecks.
- Assess staffing adequacy.
Phase 2: Report on Program Effectiveness
We’ll document our observations, provide recommendations for enhancing policies, procedures, and processes, and outline items to consider for future revisions of the fraud program to ensure it remains effective. Then, we’ll deliver a final report summarizing our findings, recommendations, and proposed enhancements to your fraud program.
Phase 3: Implementation of Fraud Program Enhancements
In the final phase, we collaborate with your organization to implement the recommended fraud program enhancements. We’ll work closely with your team to ensure the proposed improvements are effectively integrated into your existing systems and processes.
Outsourced Fraud Services
For banks that have an existing fraud mitigation program in place, Team Adhoc offers a menu of outsourced fraud management services to help fill the gaps. We offer these services a la carte:
- Fixed Price Fraud Alerts
- Fraud Consultants and Staffing
- Expert Guidance
- Fraud Incidence Reporting & Response
- Adherence to Regulatory Expectations