Audit mission statement is

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Fraud ManagementBest Practice

• Focus on prevention and detection, not just
  investigation
• Structure responsibilities
• Understanding of risks and controls

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Fraud Targets

• Credit Union is often the end victim of fraud due
  to the minimal success with recovery efforts
• Fraud migrates to the softest target which
  (from an external fraud risk perspective) is more
  often than not our members

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Fraud Prevention

• Internal assessment of risks
• Work closely with CUSCAL and other industry
  resources
• Be aware of and learn from other FI initiatives
• Prevention is better than cure

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Member Education

• Different communication mediums available
• (ie. statement insert, website, member
  newsletter)
• Major points considered for inclusion in a member
  education brochure relate to the products
  services offered as well as emerging trends

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Key message to members Be aware but not
alarmed

• Member education areas covered- Home banking
  shopping- Identity fraud - Credit and debit
  card fraud inc. skimming
• - ATMs EFTPOS- Chequebooks- Statements-
  E-crime scams - PHISHING

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Best Practice Recommendations

• Be proactive in being aware of emerging fraud
  trends
• Analyse your Credit Unions risk position and
  current prevention measures
• Pre-empt how fraud risks may impact your Credit
  Union and address any exposure areas

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Best Practice Recommendations

• Establish networks with CUSCAL other industry
  groups
• Understand how your members may be able to assist
  in fraud prevention
• Work together with members to increase their
  education to fraud risks without losing
  confidence in your products services

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• Questions
• ?