Here is the rewritten article in markdown format:
Fraud Detection and Prevention Methods in Seychelles
As part of Fraud Awareness Week 2021, Collin Dubignon, Head of Financial Crime at Absa Bank Seychelles, shares his expertise on fraud detection and prevention methods in the country.
The Impact of Fraud
“Fraud costs billions in damages to companies, governments, and individuals each year,” Dubignon said. “It also severely affects the quality of life of its victims, resulting in job losses, loss of savings and investments, weakened trust in public institutions, and a significant strain on resources.”
Expert Insights
Dubignon has been with Absa Bank Seychelles since 2008, holding various positions within the Operations function before becoming Head of Financial Crime. In his current role, he oversees five portfolios, including:
- Business Continuity Management
- Physical Security
- Forensic Investigations
- Financial Crime
- Fraud Management
“The nightmare of a fraud attack is enough to keep any Head of FinCrime up at night,” Dubignon said. “Knowing that we have some of the best systems in place to protect against common fraud helps me rest a little easier.”
Prioritizing Tasks and Staying Organized
To stay organized, Dubignon prioritizes tasks based on importance and urgency, uses work calendars and planners, and delegates tasks to his team.
The Fight Against Fraud
When asked what keeps him up at night, Dubignon replied, “Fraud keeps me up at night. It’s always a hot topic and the exposure is real in almost any industry.” However, he remains hopeful about the fight against fraud, citing the efforts of banks like Absa Seychelles in educating customers on how to spot financial fraud.
Technology in Fighting Fraud
Technology plays a crucial role in fighting fraud, with AI apps used to flag transactions for further investigation. “These AI models are instrumental in helping banks improve their internal security and speed up fraud detection in real-time,” Dubignon said.
Tips for Preventing Financial Fraud
To prevent falling into fraud traps, Dubignon advises customers to:
- Keep their personal details secure and never share them with anyone
- Be mindful of how much personal information is shared on social media
- Look out for security tips from banks
- Verify the authenticity of websites before entering card details
“Keeping an eye on your bank account will allow you to quickly identify any suspicious transactions and alert your bank immediately,” Dubignon said. “These tips don’t guarantee that you will never be a victim of financial fraud, but what they will do is make you more aware of it and help you avoid major financial losses.”