Anti-fraud

Preventing fraud

The Group Fraud Risk Management Framework lays out the roles and responsibilities of the First Line business and support units with oversight by the Second Line and assurance by the Third Line. The framework covers six pillars, namely: prevention, detection, response, resolution, remediation, and reporting.

All First Line business and support units receive structured training on fraud awareness to strengthen our capabilities in detecting internal and external fraud.

The Group Integrated Fraud Management (IFM) unit, supported by dedicated IFM teams in our overseas subsidiaries, oversees the management of fraud risk across geographies, driving collaboration across functions for an integrated anti-fraud approach.

The Board Risk Management Committee provides corporate governance oversight of fraud risk under the Group Fraud Risk Management Framework, while the Group Fraud Risk Management Policy is reviewed annually and approved by the Operational Risk Management Committee (ORMC).

All First Line business and support units receive structured training on fraud awareness to strengthen our capabilities in detecting internal and external fraud.

We invest continually in fraud monitoring and detection systems and measures across the Group Security Operations Centre, Digital Banking, IFM and Retail Fraud Risk Management teams. Fraud risks are also assessed as part of UOB’s annual Key Risk and Control Self-Assessment exercise.

To help protect our customers against fraud, we conduct fraud awareness briefings and fraud risk management training for our frontline colleagues. Our branch colleagues are equipped with the SPOT (Sense, Probe Tactfully, Observe and Take Action/Inform) checklist, developed jointly by IFM, Group Channels and Digitalisation and the Anti-Scam Command of the Singapore Police Force (SPF). As the first line of defence, our colleagues are guided by the checklist on how to identify telltale signs of customers who may be victims of scams and how to prevent them from suffering losses. Advisories on latest fraud trends and prevention tips are also available on our intranet for all employees.

Through frequent customer communications via email, our website, mobile banking app, automated teller machines and social media channels, we also promote greater customer awareness of prevailing fraud scams. Such communications include: