Counter Fraud Fundamentals
What is Open Banking (OB)?
Who are Open Banking Implementation Entity (OBIE)?
What does Counter Fraud mean?
What types of fraud could my organisation be susceptible too?
There are three main types of fraud that an organisation could encounter in its day-to-day business.
- First Party Fraud: A person or group of people give false details when applying for a product or a service. They either have no intention of repayment or receive a more favourable rate for their misrepresentation. An example of this would be a person making a false claim on their house insurance, or a married couple giving false details to their bank about how much they earn in order to obtain a better mortgage deal.
- Second Party Fraud. A person knowingly gives their identity or personal details to another person to use to commit fraud. An example being, a person sees an advertisement in a shop window that says, “do you want to earn cash now?, call this number” When they call, they are coerced into handing over their bank account details, with the promise that they will receive a payment if they allow a sum of money to be deposited into their account, which they would then withdraw and send it to another account by an electronic transfer such as Western Union.
- Third Party Fraud. A person or group of people use another person’s identity or personal details without their consent or knowledge to open or take over a financial account. This can happen when someone has had their payment card stolen or had their details compromised online, it can lead to the counterfeit manufacture of passports, driving licences and other ID documents, either creating a “fictitious” person or using the details of a “real” person to create documents.
What is the Counter Fraud Fundamentals Certification Scheme?
The Counter Fraud Fundamentals (CFF) scheme certifies companies of all sizes, who show that they have the fundamental fraud controls in place.
How will this help my organisation once I am certified?
What does the assessment contain?
It consists of a set of questions which are answered via a secure assessment platform. These questions are in relation to what counter fraud controls you have in place for the company, for example.
- Do you have a Fraud Policy and Strategy?
- Who’s responsible for managing fraud?
- What audit trails are in place to show user access and activity?
- What background checks are in place for customers and suppliers?
- What security systems are in place to block/eliminate a fraudster?
- How do you monitor and identify potentially fraudulent activity?
- Do you provide fraud training to your staff?
- How do you potentially investigate fraud and which law enforcement agencies can you contact to report such criminal activity to?
I’m unsure if I have the all the answers to the questions that will be asked of my organisation?
There are guidance documents and templates available from IASME to help you complete your assessment and are available here
How do I sign up to take part in the certification?
You can apply for Counter Fraud Fundamentals Self Assessment online here. Once you have applied and paid for the assessment you will be sent login details to the online assessment platform to complete your assessment.
My company has failed the assessment can I re-apply?
How quickly can I get the results and get certified to the Counter Fraud fundamentals scheme?
How long does the certification last for?
How do I get a Counter Fraud Fundamental scheme certificate?
I really want to complete this assessment, but it may take some time to get the answers needed.
You will have 6 months to complete your assessment before your account is archived. Unfortunately we cannot issue a refund if this happens so please do not apply until you think you are ready for the assessment.
Once my organisation completes the assessment, what then happens to it?
How much does it cost for a Counter Fraud Fundamentals Assessment?
Find Out More
Have a look at our Frequently Asked Questions or speak to our team