Financial Crimes Unit - Fraud services

Helping financial institutions identify and manage fraud risks and protect their critical assets

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.

Furthermore, fraud operations and investigations departments are faced with a constant flux in the volumes of caseloads and the types of investigations required. Banks, capital markets firms, broker dealers, insurance companies, asset managers and their service providers need a proactive strategy to effectively and efficiently:

  • Identify and mitigate fraud risks
  • Enhance client experience
  • Reduce cost
  • Protect the institution’s brand
  • Adhere to regulatory expectation

How effective is your fraud program?

If you are seeing the following symptoms or experiencing similar challenges, it’s time to reassess your fraud program.

  1. Increase in fraud incidents or losses
  2. Increase in client disruptions and complaints due to fraud
  3. Increase in fraud cost
  4. Prolonged fraud / claims resolution
  5. Unclear accountability, roles and responsibilities in managing fraud
  6. No formal governance or forum for senior executives to discuss fraud risk appetite, tolerance, thresholds, notable and emerging threats and fraud risks
  7. Multiple areas and a large number of staff vetting alerts and conducting investigations
  8. Back log of alerts or cases for investigation
  9. Limited client segmentation and a large number of fraud detection systems
  10. Fraud policy doesn’t have minimum standards in managing fraud.

How PwC can help your company build a strong fraud program


As a leading global professional services firm, PwC provides a range of anti-fraud services to help financial institutions strengthen their anti-fraud programs in a cost efficient way, identify and manage fraud risks and protect the assets most critical to their brand, competitive advantage, and shareholder value.


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Evaluate fraud program or design a fraud operating model

  • Assess performance of your organization’s fraud program
  • Design a fraud operating model that promotes accountability and efficient and effective fraud management
  • Identify cost reduction opportunities or operational efficiencies in managing fraud
  • Build second line of defense fraud risk oversight and compliance programs
  • Develop strategies in mitigating fraud across banking and capital markets, insurance, and asset management sectors

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Conduct a fraud risk assessment

  • Design an effective fraud risk and control assessment program 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

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Optimize fraud controls’ effectiveness

  • Assess fraud controls and related procedures
  • Design improved control environment to enhance coverage
  • Perform root-cause analysis for known frauds
  • Assessment and improvement of anti-fraud rules and models to improve coverage and reduce false positives

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Develop a fraud technology strategy

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

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Evaluate or design fraud analytics

  • Develop anti-fraud data and analytics strategy
  • Create customer segmentation models and dashboards/reports for management
  • Implement fraud analytics data store
  • Design, test, and tune anti-fraud models and rules to optimize effectiveness and reduce false positives
  • Align fraud analytics with model risk management program and model validation

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Develop fraud policies and procedures

  • Develop effective policies to mitigate fraud risk
  • Enhance procedures to fulfill anti-fraud policies and create an improved control environment
  • Optimize fraud investigations process

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Fraud communication and training

  • Develop or conduct fraud training for customers or staff
  • Develop a fraud communications program

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Contact us

John Sabatini

Financial Crimes Unit Leader, PwC US

Vasilios Chrisos

Financial Crimes Unit, AML Leader, PwC US

Vikas Agarwal

Financial Crimes, Technology and Analytics Leader, PwC US

Ian Mitchell

Financial Crimes Unit, Fraud Leader, PwC US

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