The recent abrupt changes in working practices arising from Covid-19 have heightened the risk of financial institutions to external fraud. Each institution needs to consider its new vulnerabilities to external fraud risks and determine whether existing controls are still fit for purpose.
Download our latest guidance on the heightened external fraud risks arising from Covid-19, the associated red flags and some potential implications which may be of relevance. We also discuss some immediate actions which firms can take now to mitigate risk.
During these uncertain and unpredictable times, fraudsters will attempt to take advantage of the situation. As customers fall victim to fraud, they will look to their banks and insurers to cover their losses. Topical fraud includes:
Look out for more EY Financial Services Covid-19 implication papers relating to these Financial Crime and Forensics topics:
You can also review our latest insights and thinking to support you in leading through these volatile times; don’t hesitate to reach out if you have any questions.