Certificate in Fraud Monitoring

Course details

Fraud monitoring is a fraud prevention strategy which is implemented on a continuous basis to detect fraud, recognize risks, and stop and prevent fraud attacks. It is regularly used by companies especially in finance sector for protecting them and their customers form fraud related risks.

Why should I take Vskills Fraud Monitoring Certification?
A single fraud attack can result not only monetary loss but also cause irreparable brand damage, erode customer confidence, and even have legal ramifications. Further, compliances have also been strictly applied to prevent fraud ; Hence, companies are looking for fraud monitoring professionals to manage their fraud risks. Increased use of digital technologies has also exploded the demand for fraud monitoring professionals.

Vskills Certificate in Fraud Monitoring provides a hands-on approach to understand fraud basics but also tools and techniques in fraud detection and monitoring so as to develop or manage fraud monitoring systems.

The certification attests to your understanding and application of skills and knowledge in fraud monitoring domain. The certification is also empowering you to stand out amongst your peers and gain better career prospects.  
The certification covers

• Fraud Basics
• MS-Excel for Fraud Monitoring
• Internal Controls
• Standards and Compliances

How will I benefit from taking Fraud Monitoring certification?
Fraud monitoring certification is being increasingly taken by a large number of working professionals in banking and finance field. Also, students desirous of entering banking and finance sector, find this certification as a useful addition to their CV.

Benefits of Certification

• Government certification
• Certification valid for life
• Lifelong e-learning access
• Learning Hours: 10+ hrs

 
How It Works

1. Select Certification & Register
2. Receive Online e-Learning Access (LMS)
3. Take exam online anywhere, anytime
4. Get certified & Increase Employability

Test Details

• Duration: 60 minutes
• No. of questions: 50
• Maximum marks: 50, Passing marks: 25 (50%).
• There is NO negative marking in this module.
• Online exam.

 
TABLE OF CONTENT

Fraud Basics

• What is Fraud?
• What Constitutes Fraud?
• Why Do People Commit Fraud and What is Fraud Triangle?
• Categories of Fraud
• Types of Fraud
• Occupational Fraud
• Profile of the Typical Fraudster

Why Commit Fraud?

• The Fraud Triangle
• The Element of Pressure
• The Element of Opportunity
• The Element of Rationalization
• Characteristics of Fraud Perpetrators
• Fraudsters’ Common Behavioral Red Flags

Fraud Schemes

• First Party Fraud
• Second-Party Fraud
• Third-Party Fraud
• Detecting Single, Second or Third Party Fraud
• Common Fraud Schemes

Red Flags

• What is a Red Flag?
• Significance of Red Flags
• Common Red Flags
• Identifying Opportunities for Fraud
• Telltale Signs of Fraudsters

Regulatory Framework, Standards and Compliance

• Overview of Relevant Laws and Regulations
• Compliance Requirements for Fraud Monitoring
• Consequences of Non-Compliance
• Compliance Basics
• Standards Basics
• Forensic Accounting and Investigation Standards (FAIS)

Fraud Risk Management

• Risk Basics
• Risk Management and Financial Ratios
• Sources of Risk
• Risk Identification
• Analyze the Risk
• Risk Assessment
• Risk Measurement
• Risk Handling Methods

Fraud Detection Techniques

• Recognizing the Symptoms of Fraud
• Anomaly Detection
• Red Flags and Warning Signs
• Tips and Complaints
• Data Analysis and Fraud Detection
• Data Analysis Techniques for Fraud Detection
• Industry-Specific Fraud Detection
• Applying Benford's Law
• Using Z‐SCORE
• Using Correlation

Fraud Monitoring

• Fraud Monitoring
• Fraud Monitoring Tools Working
• Risk-Based Monitoring

MS-Excel for Fraud Monitoring

• MS-Excel Basics
• MS-Excel Window Elements
• Sort and Filter
• Charts
• Excel Formulas
• Excel Functions
• Logical Functions
• Date and Time Functions
• Lookup and Reference functions

Tableau for Fraud Monitoring

• Tableau Basics
• Tableau Working
• Tableau Data Terminology
• Tableau Design Flow
• Data Types in Tableau
• Data Cleaning in Tableau
• Tableau Data Operations
• Tableau Calculation
• Tableau Functions
• Tableau Filters
• Tableau Case Study: Detecting Anomalies in Credit Card Transactions

Fraud Investigation

• The Fraud Investigation Process
• Successfully Investigating Fraud

Internal Controls

• Internal Control Basics
• Internal Control Types
• Common Internal Control Procedures
• COSO Framework
• Internal Controls Policy and Procedures

Ethical Considerations in Fraud Monitoring

• Professional Ethics in Fraud Detection
• Balancing Privacy and Security
• Ethical Dilemmas in Fraud Monitoring

Continuous Improvement in Fraud Monitoring

• Key Performance Indicators (KPIs) for Fraud Monitoring
• Feedback Loops and Improvement Strategies
• Adapting to Emerging Threats

New Age Technologies

• Artificial Intelligence (AI) and Fraud Prevention
• Machine Learning (ML) and Fraud Prevention
• Blockchain and Fraud Prevention
• Blockchain Forensics and Cryptocurrency Forensics

Emerging Trends in Fraud Monitoring

• Cybersecurity Threats
• Social Engineering Techniques
• Technological Advancements and Risks

Case Studies and Real-World Fraud Cases

• Real-world Fraud Cases
• Banking Industry Fraud Monitoring Case Study
• Insurance Industry Fraud Monitoring Case Study
• Healthcare Industry Fraud Monitoring Case Study
• Retail Industry Fraud Monitoring Case Study

Updated on 03 January, 2024