Focus Technology Group has unique and exclusive Auditing, Fraud, Money Laundering and Information Security solutions for the banking industry that are famous for making audit and risk management departments heros! FTG has the greatest level of bank core processing system knowledge in the industry. therefore, each FTG product is pre-mapped to each bank’s data files, allowing for quick set-up time and comprehensive analysis. Our products allow users to create their own tests or run our pre-defined tests for auditing, fraud and compliance purposes.
65% to 70% of fraud dollar losses in banks are associated with fraud committed by employees .
FTG’s deep system knowledge combined with unsurpassed bank fraud knowledge provides our customers with the necessary tools to detect the red flags of all types of errors and omissions, control weaknesses and bank fraud such as:
- A loan account noted as having a change to its payment frequency from monthly to annual, and a change in its late notice grace period from 15 days to 99 days would be red flagged
- A CD that within the past 30 days has had interest payments setup to be mailed and which has had a change to it alternate address would be scored high and would be red flagged if the customer has other deposit accounts classified as dormant
- An unusual number of backdated loan principal payments and/or payment reversals would be red flagged as a possible indicator of a lapping scheme
- “Out of pattern” backdating of check deposits on a single account would be red flagged as a possible insider generated kite
- The absence of an acceptable number of CD accounts that should be put under dormant control could represent evidence that someone is withdrawing dormant funds
FTG is consistently adding new routines and analytics to stay on top of new fraud techniques and trends. For example, detection of identity theft by employees has been aided by a new BancAudit™ routine that detects unusual account inquiries and identifies account inquiries on accounts that have experienced check or deposit fraud. A newly released CIF maintenance monitoring tool helps detect identity theft and is also used to identify possible insider fraud by highlighting flip/flop address changes.