P A R Y & Co
 
P A R Y & CO
 
 
PROFESSIONAL SERVICES

IMPLEMENTATION OF FRAUD CONTROL UNIT MECHANISM (FCUM)




Almost all the multinational banks in India are having Fraud Control Unit Mechanism in place, either in house or outsourced, which they are using for their loan products like Housing Loan, Personal Loan, Auto Loan, Business Loan, Issuing of Credit Cards, etc.

As a outsource agency, we at P A R Y & Co. provide the complete solutions to the banking sector, where a team of experienced staff of Chartered Accountants along with a team of legal experts ensure the prevention of fraud at the inception level itself, i.e. scrutiny of loan application, so that only genuine customer would avail the loan facility from the banking sector.

In context of Indian banking system, we at P A R Y & Co. is of the opinion that to prevent frauds in various loan products, the setting up of Fraud Control Unit Mechanism is mandatory. Further, the threats of transferring money to/from the wrong channels and financial links with the anti-national elements make it more relevant in the current scenario. As many a times wrong business information is sufficed, sometimes business unit does not exist, misleading personal data is given for credit cards, fake income-tax returns are submitted for taking loans, bad market reputation of customer is there.

Our FCUM division at P A R Y & Co. offers the following services for various loan products:
  • Carrying out different checks, like data base is prepared for various clients to ensure that same customer has not approached for same loan in other banks and also to check his credit record.
  • Scrutinizing of loan applications thoroughly and then doubtful applications are randomly selected for detailed verification. Various criteria’s and triggers are there for picking the application. All the applications verified are stamped by the FCU Agency.
  • Carrying out detailed verification, like field verification, verification of Income –tax returns, other business records or documents, like LIC Policies, Bank Statements etc., Creditability record of the customer through market survey, neighbourhood check, telephonic check etc.
  • Issuance of Report for the banks, which provide the basis to the management to take the appropriate decision based on our report regarding approval or rejection of loan application.
 
   
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