Managing fraud risk proactively is imperative in today’s transparent world. It is not only about protecting against financial losses commonly associated with fraud. It is also about surviving reputational risk. An example of reputational risk is the recent Wells Fargo revelation alleging that former bank employees opened over 2 Million bank accounts and credit cards without clients consent. The Bank is paying $190 million in fines and fired 5,300 employees. The fines are manageable for Wells Fargo, but the reputational damage is probably less so.