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Counter-Fraud Fundamentals scheme

IASME has worked with the Open Banking Implementation Entity, to create a Counter-Fraud Fundamentals certification scheme.

As the organisers say, fraud is the number one crime by volume in the UK. As banks become almost entirely digitalised and shopping moves online, it is critical that banks, card issuers, retailers and insurance providers can prove to their customers and supply chain that they take their responsibility to combat fraud seriously and have the most important counter fraud measures in place.

The scheme is aimed at the financial services sector, including banks and fintechs, to related sectors such as retail and insurance. The scheme is part of IASME’s certifications in cyber security, risk management and governance.

Dr Emma Philpott MBE, CEO of IASME says: “As new technologies are developed and global affairs change the way we live, there is always the risk of fraudsters finding new ways to scam vulnerable customers. We at IASME have developed a tool which not only allows SMEs and consumers to feel safe and secure, but also drives education and implementation of the most important counter fraud controls, that all companies in these sectors should have in place. We are delighted to be working in close partnership with the Open Banking Implementation Entity to bring a certification to the banking, financial and insurance industries to help users fight the ever-changing threat of fraud.”

Open Banking Implementation Entity (OBIE) was set up by the Competition and Markets Authority in 2016 for competition across financial services. OBIE has worked with IASME to develop the certification.

Bronwyn Boyle, Head of Security & Assurance at OBIE says: “Fraud is, rightly, a major concern for small businesses and individual consumers looking to use technology to improve their finances and help them manage their money. This new certification is a key step towards consumers and businesses feeling at ease with emerging technologies – such as open banking – which allow them to take charge of their finances in a safe and secure way. We are delighted to be partnering with IASME to bring this scheme to businesses across the financial services sector.”

The certification involves a self-assessment questionnaire; to see that the most important elements of counter fraud are in place. The questionnaire will need to be signed off by a senior member of the board and approved by an external assessor before gaining the certification and the accompanying Counter Fraud badge.

The scheme identifies basic controls an organisation can have to address the risk of fraud. These have a focus on oversight and control, protection and detection, response and recovery and the data management and analytics of businesses.

For more about the scheme, contact Craig Wooldridge at IASME; email [email protected]

Meanwhile OBIE has brought out a Counter-Fraud Maturity Self-Assessment online tool, with the services firm Accenture, the trade body Cifas, the University of Portsmouth’s Centre for Counter Fraud Studies and the Cabinet Office’s Fraud, Error and Debt Team.


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