Fraud control specialist

This occupation is found in organisations within each sector of the UK economy, the UK Public, Private and Voluntary Sectors. In the context of this Fraud Control Apprenticeship the use of the word ‘Fraud’ is used to include the offences of Bribery and the wider conduct that may be classified as corrupt activity.  Economic crime refers to a broad category of activity involving money, finance or assets, the purpose of which is to unlawfully obtain a profit or advantage for the perpetrator or cause loss to others. It covers an array of offences which include fraud, bribery, corruption, embezzlement, false accounting, insider dealing, intellectual property fraud, forgery, counterfeiting, money laundering, tax evasion and benefit fraud.

The spread of fraud to all sectors of the UK economy, and the legislative need by qualifying organisations to have procedures in place to prevent fraud, bribery and the facilitation of tax evasion means that a coordinated programme of work must be in place to minimise the effect of these crimes. Fraud, and other forms of economic crime, are not confined to specific industries or economic areas and therefore this apprenticeship has relevance to a wide range of workplaces and applications.  

The broad purpose of the occupation is to complement an organisation’s existing corporate governance arrangements. Corporate Governance is designed to direct and control an organisation’s operations in such a way that they deliver their strategic and operational objectives lawfully, ethically, effectively and efficiently. In particular, Fraud Control Specialists will apply expert knowledge, skills and behaviours to enhance an organisation’s internal control framework. In doing so, it will address a significant and growing threat - fraud loss. Traditionally, this has in part been delivered through fraud prevention specialists. However, changes in the professional and legal landscape have necessitated a more multi-disciplinary approach to counter fraud management. This involves the creation, and maintenance of a counter fraud culture, effective fraud prevention, fraud deterrence, fraud detection and fraud measurement.

In their daily work, an employee in this occupation interacts with a wide range of internal and external stakeholders. This is essentially an outward facing role and much of a Fraud Control Specialist’s time will be spent working with other parts of their employing organisation. Key departments that they may come into contact with include human resources, procurement, finance, risk management, information technology, data protection and information services, internal and external audit, operational delivery and corporate governance. Some organisations contract out certain services. Fraud Control Specialists will therefore need to liaise with, and work alongside, core suppliers and contractors. Fraud Control Specialists will be expected to deliver prearranged specific tasks, either individually or as a part of a team. They will need developed interpersonal skills to build and maintain relationships with these groups and be able to present the results of their work to them; and to senior staff and other parts of the organisation and partner bodies as needed.

An employee in this occupation will be responsible for participating in the delivery of all aspects of Fraud Control which means that they will need significant influencing and drafting skills to deliver their duties effectively. They will also be working with specialists to identify and manage cyber and other technology related threats. In this respect they will also need to be familiar with the opportunities and risks associated with artificial intelligence. While this undoubtedly has significant benefits, it can be used to commit fraud by creating malware; generating false information; forging documents; generating counterfeit data which bypasses existing security measures; and, by creating false identities. Fraud is a fast-moving field in which fraudsters are continually adapting their modus operandi to circumvent controls and other security measures designed to protect corporate and personal assets and finances. Fraud Control Specialists therefore need a flexible approach to their work, modifying their procedures in the light of changing circumstances and being able to adapt to new technologies and processes as required.