5. Detect
| No: 000044021528 | Date(g): 11/10/2022 | Date(h): 16/3/1444 | Status: In-Force |
It is vital for the security and protection of customers to quickly identify actual or attempted fraud where preventative controls are insufficient or have failed. Fraud detection systems and controls are risk-based measures to identify fraud by looking for indicators in customer behaviours, transactional and non-transactional information. Effective detection of fraud enables proportionate and timely action to minimise organisational losses and customer impact. Detective controls can be manual, but typically given the volume of activity in financial institutions and digital nature of products and services, rely on technology to perform automated monitoring.
Figure 6 - Detect Domain