Governance, Policy & People

Onboarding & Digital

Resourcing & Capabilities

Technology

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Welcome to Central 1’s Fraud Readiness Assessment

This assessment is designed for small to mid-sized financial institutions – including credit unions, fintechs, small banks, and money movement providers – focused on transferring funds across various channels.

It is intended to help you evaluate your organization’s fraud prevention capabilities. Your responses will generate a snapshot of your current strengths and potential areas for improvement. The results are not definitive and should be reviewed with relevant subject matter experts before informing any business decisions.

The assessment is divided into four sections:

  • Governance, People & Policy
  • Onboarding & Digital
  • Resourcing & Capabilities
  • Technology

Estimated completion time is 15 minutes.

To receive your results via email, you must complete the full assessment and provide your contact information at the end. Your progress will not be saved if you exit before finishing.

Need help or have questions?

Our fraud experts are here to support you. Contact the Central 1 fraud team at EFM@central1.com. If you’re a current client, you can also reach out to your account executive for assistance.

 

1. Our organization has fraud education resources for employees.

1a. How often do you update these resources?

2. Our organization has fraud education resources for customers.

2a. How often do you update these resources?

3. Our organization has a mission statement and guiding principles related to fraud management.

4. Our fraud governance structure is clear and understood within the organization.

5. Our organization has well defined Key Performance Indicators (KPIs) for monitoring fraud.

6. Our organization has procedures established to respond to a fraud incident.

7. Our organization has a strong Know Your Customer (KYC) program when onboarding new customers.

8. Our organization has a fraud education program for new customers.

9. New customers are required to choose a strong password for online and/or mobile applications.

10. Our mobile applications have capabilities to enable biometric log-in.

11. Our organization has intrusion detection for online applications.

12. Our organization has intrusion detection for mobile applications.

13. Our organization uses multi-factor authentication on customer-facing applications.

14. Our organization uses multi-factor authentication that is primarily controlled by risk-based assessments (i.e. machine learning models) vs. policies or rules (i.e. on every login).

15. Multi-factor authentication is mandatory for customers’ online and/or mobile applications.

16. Our cybersecurity protection is strong.

17. Our organization has a dedicated fraud analyst or fraud team.

18. Fraud analysts receive annual refresher training, including insights on new and emerging fraud trends.

19. Our organization reviews fraud alerts.

20. Our organization has fraud insurance.

21. Our organization has staff meetings to review fraud cases and trends.

22. Our organization uses in-house technology to detect fraud.

23. Our organization relies on third-party technology or third parties to detect fraud.

24. Fraud KPIs are monitored.

25. Our senior management understands and supports resourcing for fraud detection and prevention.

26. Our organization is adequately resourced to detect and prevent fraud.

27. Our fraud technology uses rules to detect fraud.

28. Our fraud technology uses scores or models to detect fraud.

29. It is easy to respond to fraud incidents using our fraud technology.

30. Our fraud technology uses a behavioural approach to detect fraud.

31. Our fraud technology has the capacity to share known fraud or consortium data.

32. Our organization participates in fraud consortiums to share fraud data.

33. Our fraud technology produces reports and data to analyze and respond to fraud.

34. Our organization has resources to effectively utilize the fraud technology available.

35. Our organization has resources to recover funds or assist with funds recovery after a fraud incident.

36. When using third party technology partners, they use modern and effective technology.

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