Payment and Fraud Risk Assessment Services

Gain better oversight and control of your payment flows and fraud risk

Payment fraud threats have become a major concern for organizations globally, with more than 80% of financial professionals reporting incidents of attempted fraud*. Payment fraud trends globally reflect a continued and sustained growth over the past 4 years.

Organizations are more aware of increasing threats and many have actively implemented control measures. Unfortunately, this added vigilance is not always enough. New technologies are streamlining electronic payments, but perpetrators are using those same solutions to attack payment processes and platforms. The tactics used by fraudsters evolve and increase in sophistication continually, attempted attacks are becoming harder to identify resulting in greater success infiltrating organizational payment flows.

As well as the obvious financial impact, fraudulent incidents may subject firms to additional regulatory scrutiny, privacy concerns, reputational damage, litigation and loss of clients/investors. In addition, post-breach remediation costs can be extremely high. It has become essential that firms are proactive in predicting and assessing their exposure to these threats in order to mitigate the likelihood and impact of a payment fraud incident.

*2019 AFP Payments Fraud and Control Survey

Our solutions

ACA Aponix’s (ACA) Payment and Fraud Risk Assessment (PFRA) helps your firm better understand payment flow and fraud risk mitigation opportunities. Our solution provides end-to-end policy-aligned reviews of all your firm’s cash movements to identify potential fraud risk throughout the payment lifecycle. We perform evidence-based procedure reviews across your firm to help mitigate risks during subscription, drawdown, redemptions, staff, and vendor payments. Our tailored service offering is customized for each payment type to provide an accurate assessment of possible risks.

Assessments also include identity and access management, payment limits and cash control best practices for your electronic banking channels. ACA’s team of highly experienced subject matter experts continuously monitor various sources to identify new fraud trends before they impact your firm. Our team includes specialists in payment fraud, cybersecurity, and technology risk from various industries, including investment management, banking, and healthcare.

Payment Flow Review

Our team reviews supplied documentation, performing an 
on-site evidence-based assessment with employee interviews and  process walk-though.

Risk Analysis

Our team analyzes review responses, evidence, and audits to identify potential fraud risks

Reporting

You can track progress of process enhancements and view findings in our management software platform.

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Upcoming events

Compliance Induction - 14 April 2021

This course is designed to assist Senior Management to embed a compliance ethos in the individual and a strong compliance culture throughout the firm.

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Money Laundering Reporting Officer: The Role and Responsibilities - 12 May 2021

The role of the Money Laundering Reporting Officer (MLRO) is a mandatory position in all firms in the Financial Services Industry. This reflects the statutory objective that the Regulator(s) have for ensuring that firms behave with “Integrity”, particularly relating to financial crime prevention. The MLRO therefore plays a significant role in assisting Senior management to ensure that systems and controls relating to anti-money laundering (AML) and countering the risk of terrorist financing (CTF) are appropriate and effective. This course provides practical advice and guidance on the responsibilities of the MLRO, what is expected by the Regulators, both of the Senior Management and the MLRO, and how those responsibilities can be achieved. It should be noted that attendance at this course does assume a good knowledge of the UK’s AML/CTF regulations.

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Compliance Officer: The Role and Responsibilities - 13 May 2021

The role of the Compliance Officer is a mandatory position in all firms in the Financial Services Industry. They play a major role in assisting Senior Management to ensure that appropriate and effective systems and controls are in place to achieve and maintain compliance with the applicable Rules. While the nature of the Compliance Function is likely to differ from one firm to another, this course provides an easy to follow breakdown of what the Regulator expects of a Compliance Officer and explains, in practical terms how the regulatory expectations and those of Senior Management can be achieved.

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