Course Description

Fraud exists in almost every workplace, regardless of the type of industry, the size of the organisation and even the job role of the employee. It also often goes undetected by other employees. However, when fraud comes to light, it is more likely to be detected by a tip off from colleagues than by any other means.

The cost fraud brings to an organisation is enormous and rising every year. A recent global study by the Association of Certified Fraud Examiners found that in 2018 fraud resulted in over $9 billion in losses, with 22% of cases costing over $1 million. Fraud was not limited to large businesses: small businesses lost almost twice as much per scheme to fraud as businesses with over 100 employees. It is therefore crucial that all staff in all organisations know how to recognise fraud and who to report it to.

Prevalent fraud not only costs the organisation but it also carries large fines and penalties for the individual.

Course teaches employees the following:

• How to identify fraud in the workplace.
• Understand the consequences of fraud for
• both the fraudster and the organisation.
• Prevent fraud from occurring.
• Report fraud where it is suspected to occur.

Target Audience/Job roles

Sales, Operations, Relationship Management, Customer Services, Legal, Risk, Compliance, and other relevant functions in Financial Services.

Course Outline

Module 1: Understanding fraud for managers and general staff
• Defining fraud
• Types of fraud
• The risk of fraud to your organisation
• Who commits fraud
• Consequences of committing fraud

Module 2: Internal fraud committed by staff for managers and general staff
• Red flags of internal fraud
• Ponzi and embezzlement fraud
• Data and Identity theft fraud
• Expense account and corporate credit card fraud
• Insider trading fraud

Module 3: Fraud risk management for managers
• Elements of a fraud risk management framework
• Ways to build fraud awareness
• Fraud prevention methods
• Elements of a fraud detection and reporting program
• Elements of a fraud response system

About the Financial Training Scheme (FTS)This course is recognised under the Financial Training Scheme (FTS)and is eligible for FTS claims subject to all eligibility criteria being met. Please note that in no way does this represent an endorsement of the quality of the training provider and course. Participants are advised to assess the suitability of the course and its relevance to his/her business activities or job roles.

The FTS is available to eligible entities based on the prevalent funding eligibility, quantum and caps. FTS provides up to 70% course fee subsidy support for direct training costs subject to a cap of S$500per candidate per course subject to all eligibility criteria being met.