Anti-fraud

Preventing fraud

UOB proactively manages fraud risks through an established policy designed to identify, assess, and mitigate fraud risks across our omni-channels, including branches, internet banking and mobile banking. This policy ensures robust oversight and effective controls across all levels of the organisation.

The Group Fraud Risk Management Policy defines roles and responsibilities of the First Line business and support units with oversight by the Second Line and assurance by the Third Line. The policy is structured around six pillars: prevention, detection, response, resolution, remediation, and reporting.

This is underpinned by other robust policies and processes, ongoing monitoring and strong cross-functional collaboration, with key measures that include:

• real-time fraud detection systems integrated across digital platforms to identify suspicious activities promptly, leveraging on machine learning and data analytics;
• regular risk assessments to evaluate and ensure controls remain effective and responsive to emerging fraud typologies and threats. These include adding frictions through the customer’s payment journey (e.g. cooling measures, push notifications, malware controls, Money Lock, SingPass Face Verification for digital token setup);
• employee training and awareness programmes to strengthen and equip frontline defence with the knowledge and tools to detect and respond to fraud risks, promoting a culture of vigilance through the SPOT (Sense, Probe tactfully, Observe and Take action/ inform) framework;
• customer education initiatives to share knowledge on safe banking practices, including awareness sessions on common fraud schemes at bank branches and offsite events, social media communications, messages on UOB Personal Internet Banking and the UOB TMRW app; and
• participation in industry-led initiatives and intelligence-sharing efforts, including close collaborations with other financial institutions and the Anti-Scam Centre (ASC) of the Singapore Police Force (SPF).

Through these measures, UOB ensures that fraud risks are managed holistically, safeguarding customer trust and reinforcing the commitment to secure banking.