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6.2.2 Fraud Detection

C 8/2020 STA Effective from 25/12/2020
  1. 6.2.2.1Licensed Financial Institutions must have adequate systems and processes in place to monitor and respond to external fraud activities commensurate with the type of risk associated with the Financial Product or Service and the frequency of Consumer transactions.
  2. 6.2.2.2Licensed Financial Institutions must inform the Consumer of the procedures for reporting cases of theft, loss and fraud.
  3. 6.2.2.3Licensed Financial Institutions must monitor and document trends on the number and type of incidents for fraud, attempted frauds and Consumer Complaints in order to determine if there is any evidence of weakness in the security and detection measures. Licensed Financial Institutions must report significant fraud events immediately to the Central Bank in a manner as it may be prescribed.