Certification to Identify and Investigate Banking Frauds

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Vedant Sangit
Vedant Sangit
Vedant is a Certified Regtech Expert from "The Hongkong University of Science and Technology (HUST)", and regularly contributes articles and guest posts on the subjects related to Regulatory Technologies. He is a qualified forensic accounting professional from West Virginia University (WVU).

Certified Bank Forensic Accountant is the part of Banking fraud certifications offered by Indiaforensic. It is one of the first certifications in the domain of banking fraud. It was started in the year 2006. Typically, CBFA is a banker, ITES or banking professional, or a banking or IT consultant who has undergone training to become an expert in the technology banking frauds domain, forensic auditing related to the technology banking sector, litigation support, and investigative accounting. This is a multi-utility certification course. Bankers from different divisions can benefit from the course.

Banking Frauds Certification for RCU/ FCU Employees

These days, every bank will have its own Fraud Control Unit (FCU) or a Risk Containment Unit (RCU). The primary task of these units is to prevent, detect and investigate frauds in the retail banking sector. As the banks and non-banking financial institutions evolve, the RCU teams play a vital role.

From credit card applications to retail loan applications, they pick up the samples and verify their addresses, income sources, and other aspects of the loans. RCU and FCU staff also looks into investigations. Generally, these are desktop investigations, supported by vendors performing field-level checks. During the investigations, FCU teams also check the criminal records of the borrower.

RCU or FCU checks is not a checklist investigation. Basically, it requires experience and knowledge of investigations. Hence, Indiaforensic offers a dedicated certification program for RCU teams.

Additionally, they are also required to look at the suspect transactions. Frauds evolved with time, but there were no training programs or certificates in fraud risk management. It was only in 2006 when courses in fraud prevention became reality. It was necessary for RCU teams to know about the different types of fraud. RCU and FCU employees need to be in sync with the trend. Additionally, the classification of banking fraud is the basis of the curriculum of the CBFA.

Bank Market Intelligence

The Reserve Bank of India needs the banks to set up their Market Intelligence Units. However, the term Market Intelligence is not that popular in the Indian Banking Sector. Market Intelligence requires a network of informal sources. Additionally, these sources should also provide actionable intelligence. Certified Bank Forensic Accountant is the only Banking Frauds Certification that provides training on Market Intelligence.

This program is one of the best and also foremost certifications focusing on technology frauds in the banking and financial institutions domain.

This program is updated with the latest techniques for laundering digital currencies. This course contains the chapters designed on the basis of the research carried out by Indiaforensic captioned as Cyber Laundering – Digital Currency Way. This report is available for download for the members.

Certified Bank Forensic Accountant

CBFA is a designation awarded by the Indiaforensic Center of Studies and is developed by Riskpro Learning. This is a useful certification for the professionals looking to understand the technology frauds in the banking sector such as ATM frauds, Credit card frauds. Besides these traditional tools, the course speaks about the new age technology tools like Digital Currencies.

The syllabus for this program is

  • Classification of ATM Schemes
  • Categories of ATM fraud in addition to $45 Million – ATM heist
  • How to Prevent the ATM Frauds
  • Global Banking Failures
  • Credit Card Fraud and frauds in wire transfers
  • Classification of Credit Card Frauds along with application frauds
  • Transaction frauds
  • Prevention of the card-not-present fraud
  • Laundering with Digital Currencies

In addition to these subjects, the students learn forensic accounting techniques and understand the importance of market intelligence. RCU / FCU works closely with the field investigation teams and learning the market intelligence techniques helps them to stand out.

To register for this course click here

For more information on this certification program please contact us at +91-9766594401 or write to us at education@indiaforensic.com

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