Due diligence in the aspect of countering financial cyber fraud: modeling trends

Abstract

The article emphasizes that financial cyber frauds pose a significant risk to the financial and economic security and stability of modern business entities. It was emphasized that in order to prevent fraud, in order increase the efficiency of economic activity, it is necessary to introduce a system of reliable protection of subjects based on the application of various mechanisms and tools, which include proper verification of the functioning of enterprises. Goal of the study is to determine the latest trends in modeling the fight against financial cyber fraud based on the Due Diligence methodology. The relevance of determining the latest trends in the modeling of combating financial cyber-fraud is that the study of the financial protection system, including through the application of such a verification procedure as Due diligence, will contribute to the improvement of the financial cyber protection of the enterprise. The interpretation of the concept of due diligence has been formed, its normative basis has been outlined, a number of stages and features have been developed regarding the implementation of due diligence, a structural and logical scheme of the stages and features of the implementation of due diligence of enterprises has been built. Modern methods of modeling due diligence and modeling approaches for countering financial cyber fraud are described. The advantages of the implementation of the complex Due Diligence methodology in the aspect of combating financial cyber fraud for enterprises have been determined. Theoretical research methods - empirical research methods - observation, description; grouping, abstraction; the resource base of the information platform; Bizagi Modeler software. The obtained results of the research can be practically used at enterprises for the formation of guiding principles and policies for the financial security of enterprises, which in turn will help to reduce the level of negative consequences, including financial cyber threats, financial cyber risks that may be present in business processes; to maximize possible positive effects from the adoption of management decisions formed taking into account a number of factors.