Fraud in Financial Services

This key compliance course provides a comprehensive overview of the nature, scale, and different types of fraud in financial services. It explores the relationship between fraud and money laundering, the methods used to detect and prevent fraudulent activity, and employees’ responsibilities and reporting obligations. Through real-world case studies, it also examines emerging threats, including AI-enabled fraud.

By the end of this course, the participant will be able to:

• Define fraud and distinguish it from error and negligence in a financial services context

• Identify at least six types of fraud commonly encountered in financial services and describe how each operates

• Explain the Fraud Triangle (pressure, opportunity, rationalisation) and apply it to workplace scenarios

• Describe the relationship between fraud and money laundering, including how fraud proceeds are laundered through the financial system

• Recognise behavioural, transactional, and documentary red flags that may indicate fraudulent activity

• Outline the key internal controls and prevention strategies that reduce fraud risk in financial institutions

• State the correct procedure for reporting suspected fraud, including SAR obligations and whistleblower protections

• Analyse real-world fraud cases to identify the failures in controls and oversight that allowed them to occur

• Describe emerging fraud threats, including AI-enabled fraud, synthetic identity fraud, and real-time payment fraud

• Section A - Understanding Fraud

  • Module 1: Introduction 

  • Module 2: Why This Matters 

  • Module 3: What It Is and What It Isn’t

  • Module 4: Types of Fraud in Financial Services

  • Module 5: The Fraud–Money Laundering Connection

• Section B - Detection, Prevention & Your Responsibilities

  • Module 6: Red Flags and Warning Signs

  • Module 7: Controls and Culture

  • Module 8: Reporting and Whistleblowing

  • Module 9: Real-World Case Studies

  • Module 10: Emerging Threats and Looking Ahead

  • Module 11: Summary

Staff working in financial services (banking, insurance, investment, payments); compliance and risk professionals; anyone with a role in handling client assets or transactions

+/- 1:30 (licence remains active for 6 months).

There is a 10-question knowledge check at the end of the e-learning course with a standard pass mark of 80% and unlimited attempts. The 10 questions are drawn randomly from a larger bank of questions. Each attempt will draw a different mix of questions.