Fraud Policy Considerations
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New technological innovations in payments along with the use of AI have the potential to help financial services organizations increase the effectiveness of their product portfolio. Unfortunately these same advancements provide new opportunities for fraud, which is a pervasive and growing problem for financial institutions.
In the current regulatory environment, it is important for financial services organizations to review their policies on fraud. BAI has put together a document on Fraud policy considerations to help financial services organizations define actions for averting fraud, address it when it occurs, and develop a culture in which all employees understand their role in detecting and preventing fraud. Topics in the document include:
- Requirements and risks
- Who is affected
- Issues to be considered
- Reporting requirements
- And more
To learn more about how to make your organization’s fraud policies more effective, download BAI’s “Fraud Policy Considerations.”