Financial Crime World

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Fraud Detection and Prevention Key in Aruba’s Finance Sector

In a bid to combat financial fraud, Aruban micro-financier Qredits has implemented a robust Conduct and Fraud Policy aimed at detecting and preventing fraudulent activities. The policy is designed to maintain trust with clients while taking strict action against fraudsters.

What is Fraud?

According to Qredits, fraud refers to “deliberately harming the company or benefiting financially from such actions.” Examples of fraud include:

  • Providing false information
  • Withholding important details
  • Presenting inaccurate data

Prevention Measures

To prevent fraud, Qredits employs a multi-layered approach. When assessing credit applications, the company:

  • Checks with business partners to verify the legitimacy of requests
  • Asks customers questions to verify their requests
  • Conducts thorough registry checks, including:
    • Bureau of Credit Registration
    • EVA Fraud Registry
    • Financial Intelligence Unit (FIU)

Employee Training

The company also invests in employee training on fraud awareness to ensure that all staff members are equipped to identify potential fraudulent activities.

Response to Suspicions of Fraud

In cases where suspicions of fraud arise, Qredits takes a zero-tolerance approach. If an application is deemed suspicious or contains false information:

  • The company will investigate
  • May reject loan applications
  • May demand full repayment of disbursed loans
  • Will report fraudulent activity to relevant authorities

Reporting and Action

Qredits also reports all criminal offenses to the police and unusual transactions to the FIU. In instances of verbal or non-verbal aggression towards employees, the company takes a firm stance and disapproves of any form of violence or aggression.

Consequences for Unacceptable Behavior

The credit application will be rejected in cases of serious unacceptable behavior, including:

  • Personal threats
  • Physical aggression
  • Stalking

Qredits reserves the right to terminate credit agreements if repeated verbal and/or non-verbal aggression or violence occurs, resulting in immediate payment of outstanding amounts and potential penalty for missed interest.

Conclusion

By implementing this comprehensive Conduct and Fraud Policy, Qredits aims to maintain a trusted reputation while protecting its clients from fraudulent activities.