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Fraud Evolves. PwC Helps You Stay Ahead.
Fraud Risk Management services
Fraud remains a growing threat to the financial services sector.
Fraud is a reality every business faces. While some financial services firms have historically invested more heavily in AML and sanctions compliance driven by explicit regulatory pressure, this is rapidly changing. Regulators across the globe are increasingly turning their attention to fraud, making it a growing area of regulatory focus and enforcement.
Yet regulation alone should not be the driver. Fraud directly erodes profitability and threatens business growth, making its prevention a strategic priority for every organization and a top concern for risk management teams. Managing fraud risk isn’t about isolated fixes; it requires an end-to-end approach that follows a natural lifecycle: preparing for potential fraud events, detecting fraud and responding effectively, remediating issues, and continuously improving to stay ahead of emerging threats. This cycle ensures organizations are not only ready for today’s challenges but resilient against tomorrow’s risks.
At PwC, we bring together a team of experienced fraud and financial crime specialists committed to advancing the profession and safeguarding organizations and communities from harm. We’re building a collaborative network of experts and working side-by-side with clients to address the real-world challenges fraud practitioners face every day.
Are any of these fraud challenges familiar?
Reach out for information on how the PwC Fraud Team can help you meet your goals.
- Historical losses no longer predict future risk appetite.
- Forward-looking frameworks must account for synthetic identities, deepfakes and digital channel exploitation.
- Internal and external threats are growing in sophistication.
- AI-generated fraud overwhelms traditional detection tools.
- Third party ecosystems and hybrid working create new blind spots that are hard to monitor consistently.
Fraud losses are often misreported as bad debt or operational loss.
Fragmented regulation make standardized reporting hard.
- Fraud remains sensitive to communicate and raising customer fraud awareness needs to be balanced so it does not create a false impression of being part of an unsecure environment.
- From an internal fraud perspective, raising the perception of detection is a delicate topic considering the sensitivity of internal fraud controls.
How PwC can help your company build a strong fraud program
- Overview of fraud services
- Fraud strategy and governance
- Fraud risk assessment
- Fraud prevention and detection
- Regulatory compliance and assessment
- Fraud investigation
- Fraud technology services
Overview of fraud services
At PwC, we help financial institutions strengthen their anti-fraud programs, identify and manage fraud risks, and protect the assets most critical to their brand, competitive advantage, and shareholder value. Each component of the fraud operating model matters, but true effectiveness comes from ensuring they work together as one.
We support you in designing, reviewing, or enhancing your fraud operating model to cover all relevant risks in a way that aligns with your strategy, investment priorities, and risk appetite, whilst ensuring you are in line with industry industry practices and regulatory expectations.
Fraud strategy and governance
Fraud strategy and vision: Define what success looks like from a fraud risk management perspective.
Fraud risk appetite: Define how much risk you are willing to take, including definition of the risk appetite, agreeing it between 1st and 2nd Line of Defence (LoD) and documenting it in a risk appetite statement.
- Fraud governance model: Explore options for a governance setup and create a Responsibility Assignment Matrix (RACI) matrix, considering any forums where fraud is discussed and their Terms of Reference.
Our credentials:
Fraud risk assessment
- Fraud risk assessment methodology design: Design an effective methodology that provides visibility into inherent and residual fraud risks.
- Comprehensive fraud risk analysis: Assess fraud risks relevant to your organization and identify fraud typologies that could impact your business.
- Control evaluation and mitigation: Evaluate existing controls, identify residual risks, and recommend targeted mitigation techniques.
- Fraud risk taxonomy and inventory: Document and maintain a structured fraud risk inventory that serves as a single source of truth for assessment, controls and reporting.
Our credentials:
Fraud prevention and detection
- Fraud controls enhancement: Determine what controls are required to mitigate the fraud risks identified through the fraud risk assessment and design, document and implement these.
- Fraud policy and standards: Work with you to ensure your fraud policy and standards are well defined and clearly communicated to all relevant stakeholders within your organisation.
- Staff fraud training: It is important to design tailored training programs for each LoD, ensuring staff at every level understand their role in detecting and preventing fraud updated regularly to reflect the latest fraud typologies and emerging threats.
- Customer fraud awareness: Designing and executing customer fraud awareness campaigns.
- Incident response plan: Support the design and documentation of a fraud incident response plan, helping clients define clear roles, escalation paths, response activities and review process.
Our credentials:
Regulatory compliance and assessment
PSD3 maturity assessment
Our PSD3 Maturity Assessment offers an early view of your fraud management readiness against emerging PSD3/PSR expectations, highlighting current capabilities and priority gaps ahead of the 2026-2027 implementation timeline.
- Identify what’s in scope: Identify which products and teams within the organisation will be impacted and at what level. Based on the current proposal, most likely affected will be the departments handling fraud, legal, IT security, and cash provision/ payment services.
- Assess the impact: Assess the impact for any affected teams and products along with impact on technology and potential requirements for new technical solutions.
- Define and design the required changes: Identify what changes may need to be made to the internal control environment, policies and governance model and prepare a clear roadmap for their implementation.
- Implement changes: Work on gradually implementing the necessary changes in terms of human capital, technology and internal updates to policies, controls, governance, obligatory trainings and fraud reporting methods.
Our credentials:
Fraud investigation
- Investigation manual: Prepare or uplift your investigations manual so it clearly outlines all steps that need to be followed when investigating different types of fraud.
- Undertake an investigation: Support with the actual investigation of fraud cases to ensure you get to the bottom of what caused the incident and reach the best possible fraud loss recovery outcome.
- Manage the communication with your external and internal stakeholders: Design your communication strategy with regards to the investigation, considering customers (including complaints handling), regulators, law enforcement bodies and internal stakeholders.
Our credentials:
Fraud technology services
- Assessment of the current technology: We assess the maturity of your fraud technology landscape, identify critical gaps and limitations, and provide clear recommendations to enhance effectiveness and alignment with your fraud risk strategy. As part of this assessment, we also review your fraud system(s) configuration in line with fraud incidents or increased fraud losses to determine what needs to be amended and assess their fitness for purpose. Outside of fraud incidents, this review should be performed on an ongoing basis as part of the firm’s regular fraud health‑check.
- Vendor selection support: We assist with fraud technology vendor selection, integration and performance assessment of system, covering end‑to‑end delivery from solution design and data flows through testing, change management, go‑live and post‑implementation support.
- System implementation support: We act as system implementation partners for some of the industries leading software vendors providing certified engineers and technology specialists.
- Fraud reporting frameworks: We help to design and implement fraud reporting channels that provide senior management and regulators with timely, accurate insight into fraud risks, trends and performance, ensuring consistency, transparency and auditability across the fraud programme.
Our credentials
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Contacts
Gareth Evans
Fraud Technology Partnerships Lead, PwC Central and Eastern Europe
Tel: +44 79 3069 7100
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