Financial Crimes Unit - Fraud services

PwC is here to help you in the fight against fraud

Fraud continues to pose an increasing threat to the financial services industry.

Fraudsters are constantly enhancing their schemes to make detection by traditional fraud models more difficult. These shifting methods of attack ultimately result in institutions continuously having to allocate additional resources toward fraud, which requires a cohesive strategy that balances risk mitigation and client experience.

We are a team of experienced fraud and financial crimes professionals dedicated to furthering our profession and protecting vulnerable populations from the effects of fraud. We are creating a community and network of like-minded fraud professionals and we’re working side-by side with clients and have heard the challenges practitioners across the industry are facing.

Whether its banking, insurance, asset and wealth management or technology, our team works with a wide array of financial services related companies through a number of customizable services and product offerings, designed to deliver the PwC value you know via our refreshed, digitized approach and through our PwC financial crimes marketplace for Digital Crimes Fighters.

Are any of these fraud challenges familiar?

Reach out for information on how the PwC Fraud Team can help you meet your goals.
  • Experiencing an increase in fraud losses
  • Looking to innovate and grow the business, or launch a new product or service
  • Want to better balance fraud risk management and the customer experience
  • Looking to decrease operating expenses
  • Need support for a regulatory or audit exam, or support with remediation efforts
  • Building your fraud program and team
  • Need support investigating an incident and managing a response plan
  • Seeking operational, hands-on support for alert vetting, dispute management, etc

How PwC can help your company build a strong fraud program

Overview of fraud services

As a leading global professional services firm, PwC provides a range of anti-fraud services to 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. Underlying these services is our team’s commitment to fighting fraud in the financial services industry and beyond; we are in this for the good of society!

fraud services

Program and governance

  • Assess the maturity of your fraud program’s capabilities relative to industry​
  • Evaluate the ‘balance’ of your fraud program across the fraud risk factors: fraud losses; customer experience; revenue growth and enablement; and regulatory​
  • Design a fraud program and operating model across the three lines of defense that promotes accountability and effective fraud management​
  • Review and build fraud policies, standards and key operating procedures to strengthen fraud program internal controls​
  • Identify areas for future investment, as well as cost reduction or operational efficiency opportunities​
  • Develop or conduct fraud training for customers or staff

Download an overview of our service offering to learn more.

Risk assessment

  • Design an effective fraud risk and control assessment methodology enabling visibility to inherent and residual fraud risk​
  • Inventory relevant fraud risks and schemes as well as emerging threats​
  • Prioritize fraud risks based upon historic, known, and emerging fraud trends​
  • Evaluate controls, assess residual risks and recommend mitigation techniques​
  • Leverage our proprietary risk assessment technology, Risk Proof to create accelerated and repeatable processes

Download an overview of our service offering to learn more.

Control optimization

  • Assess fraud controls and related procedures​
  • Design improved control environment to enhance coverage​
  • Perform root-cause analysis for known frauds​
  • Expert assessment of anti-fraud rules and models to prune ineffective or obsolete rules, reduce false positive and focus on fraud-rich queues​

Download an overview of our service offering to learn more.

Technological strategy

  • Assess current fraud technology capabilities and architecture​
  • Develop a fraud technology strategy​
  • Evaluate fraud technology vendor solutions, including authentication, fraud detection, case management, and analytics​
  • Support technology implementation, integration, roll out, and testing; and maintenance

Download an overview of our service offering to learn more.

Analytics evaluation and design

  • Develop anti-fraud data and analytics strategy​
  • Assess data and analytical capabilities (quality and ‘supply chain’) to unlock business value and insights​
  • Design, test, and tune anti-fraud models and rules to optimize effectiveness and reduce false positives​
  • Leverage analytics capabilities to create executive dashboards/reports​
  • Align fraud analytics with model risk management program and model validation

Download an overview of our service offering to learn more.

Digital bank strategy

  • End-to-end optimization of account acquisition strategy to balance risk and rewards to opening new bank products thru phone, mobile and web channels (pre and post launch controls assessment)
  • Review and care for fraud alerts (ACH and check deposits transactions and returns, new account vetting and more)

Download an overview of our service offering to learn more.

Operations and support

  • Full service fraud operations support for mortgage and deposit fraud prevention, detection and response
  • Provide surge operational support in periods of unexpected volumes
  • Assist with strategic and proactive capacity management on a longer term basis

Download an overview of our service offering to learn more.

Incident response

  • Develop playbooks to help your organization better identify and respond to large scale fraud attacks increasing in frequency and severity in light of large scale PII breaches
  1. Application fraud
  2. Increased ATO attempts
  3. CNP attacks
  4. Increased Disputes
  • Develop an operating model which aligns to other financial crimes disciplines (e.g., cyber) and corporate crisis response plans

Classification and typing

  • Review your current state fraud taxonomy and assess gaps against industry standards and best practices
  • Develop a fraud taxonomy which enables your organization to effectively categorize fraud and focus root cause analysis and remediation
  • Develop a roadmap to operationalize the taxonomy throughout the fraud lifecycle in your organization through strategy, operations, investigations, analytics and reporting

Download an overview of our service offering to learn more.

Risk balanced scorecard

  • Design a framework to balance your fraud program performance across fraud risk factors:
  1. Loss
  2. Customer Experience
  3. Regulatory / Compliance
  4. Business Revenue
  5. Operational Expense
  • Review current state metrics and develop a roadmap to implement the balanced scorecard framework
  • Build dashboards and reporting for you program based on the balanced scorecard approach

Download an overview of our service offering to learn more.

Regulatory assessment

  • Assess your fraud program’s compliance with regulatory directives and guidance, FRB regulations, association rules and administrative guidance
  • Leveraging our up-to-date database of fraud related regulations, assess your organization's ability to meet compliance requirements
  • Develop a roadmap to strengthen your programs ability to meet regulatory compliance

Contact us

Brian Castelli

Partner, PwC US

Frank Badalamenti

Principal, PwC US

Genevieve Gimbert

Partner, Financial Services Advisory, PwC US

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