2019 Financial
and Social Report

Fraud prevention

Based on the Fraud Risk Management Program, elements of a system for counteracting frauds are built and adjusted to the company’s needs. This system enables coordination of actions taken by the Bank’s various units involved in fraud detection, investigation and prevention, while simultaneously providing professional tools and solutions to ensure effective protection of the Bank and client funds.

One of the most important elements of the overall system for combating fraud in Bank Millennium are Bank employees – especially employees who have direct contact with clients, whether in a branch or through the Hotline. The success of subsequent steps aiming, for instance, to recover funds lost by a client depends most frequently on that employee’s attitude, knowledge and rapid response. That is why the Bank attaches the greatest attention to training branch employees. In addition to training for new sales network employees (791 people trained in 2019), a site is run on the Bank’s intranet containing all the necessary information and materials; new information is also sent out to employees about new procedures and methods used by fraudsters. Another important constituent element of the program is the dedicated electronic mail account and the emergency telephone number that operate 24 hours a day, 7 days a week and 365 days a year. Every Bank employee may immediately clear up any doubt related to a suspicion of fraud. Alerts are directed to the Fraud Risk Management Team. It plays a support role, it makes decisions and it directs the next actions to minimize the risk of fraud.

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