Fraud and Fraud Management Education is difficult to obtain, short of entering into a long and often painful “trial and error” experience of "on the job training". In order to shorten the learning curve, Jodi Pratt & Associates has synthesized many years of front line experience into a number of educational segments to create customized education programs for both financial institutions and fraud solution providers.
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To become a “Professional Fraud Banker”, your managers and staff need to understand what drives a fraud operator, how they think and what fraud activity the staff members are likely to see. The first lesson that a professional fraud banker must learn is how to understand the fraud operator’s worldview and how it translates into today’s financial services.
The experiences of 30 years and many financial institutions have contributed to the lessons in Jodi Pratt & Associates’ educational programs, covering a broad range of fraud activity, how they occur, how to identify them and how to respond. Classes are available in several formats:
â–?nbsp; Customized, On-site Classes: 1/2 day to multi-day programs, performed in-house, tailored to the functions performed in your own fraud detection and fraud prevention units
â–?nbsp; Shared Off-site Classes: 1-5 day educational programs covering a broad range of selected fraud topics, hosted by trade associations or other third party service providers, for the benefit of their membership at a site selected by the hosting organization
â–?nbsp; Web-based, On-demand Classes and Webinars: covering a variety of current fraud topics, allowing managers to develop their own fraud education programs for their staff and to keep themselves current – CURRENTLY UNDER DEVELOPMENT
The following is a list of some of the most popular education segments from which clients can pick and choose to create their own programs for their staff and/or management fraud education needs. Each segment will be further tailored to reflect each client’s unique terminology, internal processes and products. Jodi Pratt & Associates is happy to develop additional segments to cover needs not already addressed.
“What is Fraud?”: begins with basic definitions of fraud, leading to more specific definitions related to banking and then provides some statistical information. Also highlights most evident bank oriented frauds today: check fraud, electronic fraud, ID fraud, on-line fraud. (Minutes: 30-45)
“State of Financial Fraud Today”: reviews current, relevant surveys and studies that quantify the cost and impact of fraud (e.g., ABA Deposit Fraud Survey, ID Fraud study, employee fraud study, etc.). (Minutes: 45-60)
“How Did We Get Here?”: reviews some of the most significant changes in the environmental factors that created today’s fraud conducive environment: Technology, Check Processing and Electronic Payments, Customer Service Policies, governmental regulations, hiring practices, fraud (and terrorist funding) organizations. (Minutes: 30-45)
“Rapidly Changing Financial Services Landscape”: discusses fraud risk drivers, such as check conversion, ID fraud, regulatory pressures, changes in criminal rings and schemes, new terminologies (e.g., phishing, pharming, key logging, multi-factor authentication) and the internet. (Minutes: 60-75)
“Identifying Fraudulent Checks”: reviews types of fraudulent checks with descriptions and examples of how to identify them by sight. (Minutes: 60-75)
“Check Conversion to Image, ECP, Image Exchange and New Risks”: discusses the post-Check 21 banking environment and the identified vulnerabilities of the new processes that could expose an organization to loss. (Minutes: 45-60)
“Images and Improved Fraud Management”: discusses the ways in which having images instead of paper can enrich the fraud detection and fraud prevention processes and the new opportunities image can provide in the near future. (Minutes: 60-75)
“Seven Questions of a Financial Fraud Scheme”: discusses what criminals have to know in order to commit transaction frauds, including payment types, delivery channels and products/services to use. (Minutes: 30-45)
“Multi-Layer Approach to Fraud”: reviews the numerous “pulse points” where fraud detection, fraud prevention and fraud mitigation is possible, from new accounts and transaction acceptance, to early notification of returns or suspicious patterns, to “after-the-fact” awareness, through loss tracking and reporting. (Minutes: 30-45)
“Pulse Point Review”: walks through all detection/prevention/mitigation points with an overview of what to look for and popular patterns that appear at those points. (Minutes: 60-120 depending on number of filters reviewed )
“Measuring Your Contribution”: reviews all the tangible and intangible benefits that could be associated with a fraud filter to prove the value of the function to the bottom line of the organization. (Minutes: 30-60 depending upon depth)
“Anti-Money Laundering and Fraud”: discusses how these areas have evolved separately over the years, what these activities have in common and how to optimize AML and fraud filters for productivity and results. (Minutes: 30-45)
“Identify Theft and Identity Fraud”: clarifies terminology and discusses the various ways that banks and their customers can reduce their exposure to becoming victims of ID fraud. (Minutes: 60-75)
“Practical Application of Check Law” – discusses how financial institutions can utilize the changes in UCC Articles 3 & 4 to strengthen their position in regards to check fraud loss responsibility. (Minutes: 45-60)
“Internet and On-Line Banking”: discusses the risks the internet introduces to society and its impact on the financial services industry, including the opportunities and challenges associated with offering banking on-line services. (Minutes: 60-75)
“Horizontal Payments Fraud”: explains how the changes in the payments system are breaking through traditional banking silos, creating new fraud vulnerabilities that escape current fraud management filters and what financial institutions can do to identify these more “horizontal” fraud paths. (Minutes: 60-75)
“On the Fraud Detection/Prevention Horizon”: reviews emerging fraud detection and fraud prevention techniques to prepare financial institutions for the future. (Minutes: 60-75)
“Building a Business Case for Fraud Prevention Technologies”: discusses the various challenges and opportunities in justifying additional expenditures for fraud detection and prevention solutions for senior management. (Minutes: 60-75)
“Internal Fraud”: identifies the significant risks ‘insiders” - of any business, not just financial institutions – pose to customer security and techniques that can reduce these risks. (Minutes: 60-75)
