Payments Fraud

This paper will attempt to address some of the perennial issues arising from a spate of frauds last year in Hong Kong affecting the Payments System which, although perhaps slightly different in each financial institution, provide some useful lessons from which we can all benefit. The key components of the paper include a look at the symptoms of the fraud in the form of a case study which will then be followed by a diagnosis of the problem by assessing some of the fraud risk indicators. The paper concludes by offering some cost-effective recommendations to minimise future risks.

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