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Introduction to Fraud Course Background The exact size of the Fraud problem is impossible to assess, however there have been a number of attempts to estimate the size of the problem, which has estimated the cost to businesses globally as trillions of dollars each year. In the “Serious Fraud in Australia and New Zealand” report conducted by Australian Institute of Criminology (AIC) and PWC estimated the overall cost of fraud to be around AUD$5.8 billion per year. It is essential, that individuals and companies acquire a better understanding of what types of fraud exist, how it might occur, the potential consequences associated with fraud and what to do when confronted with fraud.
Purpose The purpose of this online course is to provide an introduction into the various forms that Fraud can take and highlights the challenges that are faced in preventing individuals and businesses being involved in fraud incidents. This course provides a number of practical suggestions on mitigating systems, controls and processes that can reduce the risk of fraud.
Target Audience The course is designed for any employees who are required to obtain a better understanding of the Fraud risks that their business faces on a day-to-day basis. The course costs AUD$99 (or less for bulk purchases).
Course Overview After completing this course you will be able to: Explain what fraud is, the main types of fraud and the size of the fraud problem Describe the main areas that fraud can occur Outline the main types of fraud and how to detect and prevent this from occurring Understand a typical case study which highlights why protecting your identity is important Explain how to identity fraud and describe the strategies that can be deployed to manage fraud Describe the fundamental requirements to effective Fraud Risk Management Pass the learning assessment.
Detailed Course Overview Module 1: Overview of Fraud
Define the term ‘fraud’ Why is there a need for fraud training? What types of fraud are there? What is the size of the fraud problem? Examples of fraud reported in the media Rogues gallery of large scale fraudsters.
Module 2: Different types of fraud
How does fraud happen – counterfeiting, identity theft and physical theft Where does fraud occur – instruments, products, channels and transactions Overview of instruments used to commit fraud – cheques, money orders & promissory notes Overview of products used to commit fraud – credit and debit card fraud, mortgage fraud and securities fraud Overview of channels used to commit fraud – ATMs, EFTPOS, Branches, Internet and Phone Overview of fraudulent transaction types Overview of employee fraud – asset misappropriation, false accounting and tax evasion Overview of scams and deceptions – ponzi schemes, pyramid schemes, advanced fee fraud schemes, auction fraud schemes and fake job schemes.
Module 3: Case studies In this module we provide a real-life case study explaining how fraudsters can capitalize on public information or stolen correspondence to conduct identity theft and associated fraud through taking control over a victims account’s.
Module 4: How to identify, manage and mitigate against fraud How to identify fraud What strategies can be adopted to manage suspicions of or actual frauds? What does a ‘typical’ fraudster look like? Red flags for identifying fraudulent activity – employee, management and other What should you do if you suspect fraud has occurred? What should you do if you know fraud has occurred? What can you do to protect your organisation from Fraud? What can you do to prevent becoming a victim of fraud? What can you do to prevent having your personal details hacked? What can you do to prevent having your identity stolen? If you are an employer or business owner, what can you do to minimise the risk of becoming a victim of fraud? If you offer products and services to clients, what can you do to prevent being a victim of fraud?
Module 5: Fundamental requirements for effective Fraud Management What are the costs to business for not managing fraud properly? Building an effective Fraud Risk Management Program
At the end of the course there is a learning assessment to track the knowledge of the participant, which generates a certificate of completion once the user attains the required pass mark. The scoring and pass marks are fully auditable and can be provided to regulators to evidence that training has been conducted.