Originally published in August, 2015.
From the moment we wake up until the lights go out at the end of the day, financial demands meet us at every corner. On the way out the door in the morning, we might stop to grab a coffee or fill up the car at the gas station. Around noon, it’s time to venture off to a local bistro or deli for a lunchtime sandwich. On the way home in the evening, a stop at the grocery store might be in order. And then, of course, there are bills to pay. Each time we make a payment we might do so without much thought about the entity that keeps our money safe. As long as our credit or debit cards work and we can access our cash, we might only worry about our own responsibility to keep the account full.
We’re able to trust that our funds are secure because banks constantly fight hard against threats of theft and fraud. One prime example of a bank committed to the fight against fraud is the ACFE Corporate Alliance’s most recent featured partner, Standard Chartered. "Standard Chartered strives to ensure best world standards in the detection, investigation and prevention of fraud," says Andrew Lowe, Head of Compliance Investigations at Standard Chartered, Singapore. "An alliance with the ACFE whose focus is on training employees to assess fraud risk, design and implement controls, and learn best practice and latest trends, is in furtherance of that goal."
Founded in 1969, Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. Standard Chartered operates more than 1,200 branches and outlets across more than 70 countries. Despite its base in the U.K., the majority of its profits come from Asia, Africa and the Middle East.
Standard Chartered’s brand promise is, "Here for good. … It’s about being there for our clients through good times and bad, and always trying to do the right thing." Efforts to detect, investigate and prevent fraud contribute toward fulfilling this promise to Standard Chartered’s customers and the communities in which they operate.
Standard Chartered employees taking advantage of their Corporate Alliance benefits at the Kuala Lumpur, Malaysia, CFE Exam Review course.
While every international bank has its own policies regarding anti-fraud education and training, Standard Chartered feels its alignment with the Corporate Alliance is the extra tool that will enhance their program. "Standard Chartered is an international bank and it ensures the deployment of all available tools — including real-time electronic surveillance and transaction monitoring — in its proactive stance against fraud," says Lowe. "ACFE membership is seen as an important part of this fight."
Of the steps Standard Chartered has taken so far, Lowe says, "The bank is actively ensuring that relevant staff are enhancing their core investigative capabilities, that they’re up to date on specific finance training in areas like anti-money laundering, and that they are building their external networks to better enhance their investigative knowledge — the CFE credential is part of that program. We also constantly review staff training and its internal investigative processes," continues Lowe. "The information and skills learned and obtained from the ACFE will be a valuable component in this continuing review."
"Constant dialogue with our partners ensures that we will continue to deploy best in world standards in combating fraud through information sharing and industry engagement that ensures we are proactive in understanding emerging risks," Lowe says as a final thought.
This extra attention to staff training, improved internal processes and an open dialogue with partners will only help banks like Standard Chartered effectively thwart fraudsters’ attacks. Customers can swipe their credit or debit card knowing that their bank cares just as much about protecting their assets as they do.
Contact for more information:
Phone: (800) 245-3321
International: +1 (512) 478-9000