This guide outlines 10 key fraud prevention practices for financial institutions, including setting transaction limits, using multi-factor authentication, real-time fraud detection, dual control, system updates, employee training, rigorous ID verification, strong customer communication, regular audits, and collaboration with external fraud intelligence networks to detect and prevent threats.
This procedure outlines how to detect, investigate, and address check kiting—a fraud using multiple accounts to inflate balances. It includes red flags, investigation steps, documentation, and customer handling. Preventative measures and compliance with legal and regulatory policies are emphasized to minimize financial risk and support fraud prevention efforts.
