Financial and
ESG report 2020

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.

The 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. To this end, numerous prevention mechanisms have been designed and implemented to monitor the transaction systems. These tools are constantly being developed to better identify fraud schemes. 

The Bank attaches the due attention to training persons responsible for dealing with customers reporting attempted fraud. One of the objectives of the Security Department (owner of the fraud prevention process) is to consistently inform employees of any threats to which both themselves and their customers are exposed. With this objective in mind, among other things, the Department prepares and publishes articles in the Intranet bulletin, “Millennium World”. Additionally, in consultation with other units, it sends periodic push/sms/Millenet alerts to clients informing of criminal schemes. 

[GRI 102-17] 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. The alerts are addressed to the Abuse Management Unit which plays a support role, makes decisions, and directs the actions to minimize the risk of fraud. 

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