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Global Fraud Consultant

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Clive Gungudoo

Clive has a passion for digital and fraud strategies and innovating with clients. The combination of his background in IT , Risk management and strategy execution enables him to identify opportunities and risks within the market place. He is able to draw from a range of business experience to deliver projects that leverage digital technologies effectively.



I can trace my history with computers back to when I was 15. As a grade 10 learner computers was just introduced as a subject and only 20 learners in the entire grade were selected to do it. I was fortunate enough to be one of the 20 and sacrificed everything else to get my own PC - a x386 with a floppy disk reader. We used to look forward to our 2-hour sessions in the computer lab, made even more inspiring by our teacher who, at that time, followed Panasonic’s mantra in his quest for zero defect during our programming classes.


Organisations across market verticals need to recognise the importance of their risk posture as their business operations matures. Fraud not only has financial implications but also reputational impact. If you’re running an e-commerce site and all your customer’s cards are compromised, no one’s going to want to buy from you. Similarly, if you’re a financial institution and not providing your customers with total fraud protection, why would customers want to transact with you?


At FNB, I had my first taste of the implications of fraud. In 2002, I was introduced into card payments and began to understand the ecosystem of transaction processing. There was an internal staff matter involving intercept fraud with the card couriers and I as the software developer, had to manipulate files to trace where the points of compromise were. This gave me an introduction to the world we live in.


By stopping fraud, lives are saved by preventing criminals involved with money laundering, drugs, human trafficking, and other underground activities and social ills. There’s a lot more to fraud than just protecting the end customer, it’s also about bringing these syndicates to book and to deter the illicit flow of crime and money laundering through the global payments ecosystem.


Between meetings you might bump into me at the gym. My love for working out started at FNB Bankcity where I had an 11am to 12pm slot for gym every day. Gym became a habit and a hobby, it felt good - the endorphins and the afterburn of pushing hard. Now it has become my quiet time, giving me the ability to do lateral thinking which is very difficult to do sitting in front of a computer. The gym is my canvas, a place to keep in shape and to organise my thoughts.


The 2016 hack of Standard Bank gave me an experience that many fraud experts only get to read about in case studies. The transactions took place between midnight and 3am on a Sunday morning, our team woke up to calls that something had happened involving our bank and anomalous ATM cash outs at Seven Eleven stores across Japan. That hack gave me hands on experience into the full cyber kill chain and insight into how to protect a bank and manage increasing risk whilst still under attack. It also gave me awareness into how important it is to connect the dots between cyber security and fraud management. While losing R300 million in under 3 hours was certainly a huge blow, well over a billion rand could have been lost in the subsequent 3 hours if we hadn’t pulled the gates down and initiated a competent response team to manage and to protect the bank against the lateral movement of fraud risk.


Peers were calling in, offering me advice to manage my fraud division, thinking that it was my fraud systems that were compromised, only to realise that the fraud was a consequence of a cyber compromise and that upstream systems were blind to these events.


When my kids were young, my wife and I watched a lot of Jamie Oliver cooking shows and eventually I tried my hand at a few dishes. We spend a lot of family time dining out where we try different foods and get critical about our selections. We also like to emulate the experiences of food shows like Diners, Drive Ins and Dives when we travel and make our own little critical reviews. Even at home, we create food more than just to consume but to experiment and experience the flavours.


Knowing that fraud divisions were historically considered as just another operational business expense, for my MBA dissertation I chose the topic of balancing the trade-off between customer experience, fraud risk, and profitability. Innovating in fraud management and adopting more advanced technologies such as artificial intelligence and machine learning to understand the behaviour of an individual, instead of generic customer behaviour across social and product groups, my dissertation focused on improving the customer experience whilst maximising the detection rate of fraudulent transactions. Using the framework created, at work, I could clearly articulate the risk/reward trade-off to the business, giving them a sense of comfort that their ‘grudge expense’ was maximising profitability and giving the customers a better experience and sense of security.


My role as director of global fraud consulting at Experian was the unintentional springboard of exposure and confidence I needed to start Customer Fraud Solutions. During a change conversation, my performance manager at the time told me that the way I interacted with clients is phenomenal and he asked me if I had ever thought about consulting independently. It was also through mutual contact, that I was by chance introduced to one of my first fraud solution partners based in the Netherlands who builds AI and ML models for AML and Fraud monitoring that is in use by some of Europe’s largest banks.


Gone are the days when you buy all encompassing clunky systems upfront and pay for all of it but use only a fraction of it. At CFS we come in with a different perspective and took to market a software as a service model for Fraud, Cyber and Compliance. I make sure our clients only use what they need to use, when they need to use it and only pay for what they use. The services we implement are simply stitched into the fabric of our clients customer journeys whilst providing total fraud protection in an unintrusive and digitally agile manner.


Working as an independent consultant gives me the ability to be unbiased and without affiliations to any specific organisation, I am not tied in to recommending any one product. Independently, I can look at the client’s situation and establish what’s best for them and craft a bespoke Customer Fraud Solutions blueprint once I understand their unique business, risks, and data. Each blueprint is created using an expert lens that is vendor and technology agnostic based on the people, process, technology and data the client needs.


Being a consultant and founding a start-up can be quite a lonely place and by linking with the MAD network I can have a dialogue with like-minded people which is mutually beneficial. MAD has given me much easier access to client work  as well as offering the two-way flow of opportunities between me and the network.

Positions Held

Before founding his own consultancy, Clive was Director of Global Fraud Consulting at Experian (EMEA) and prior to that
spent close to 12 years at Standard Bank Group enabling Financial Crime Control Capability.


He was the Global Executive Head of Fraud Insights and Analytics with oversight
across 18 markets in Africa, UK, Isle of Man and Jersey. Prior to Standard Bank, Clive worked for the other top 3 banks in
South Africa over a 12 year span.

Key Strengths

Thought Leadership


Digital Strategy




Execution of strategy


Turnaround Execution (for Global Fraud Risk Management) 


Data Analytics , Artificial Intelligence and Machine Learning


IT Strategy and Risk Management.


Masters of Business Administration (MBA) Henley Business School, 2015

BSc Computer Science and Information Systems *(with distinction), UNISA, 2012


BTEC in Project Management, 2008


DipBA in Business Analysis, 2008

Selected client experience

IndustryEngagement with Industry bodies such as SARB, SABRIC, PASA, SAFPS, ACFE and ICFP on fighting fraud and corruption effectively in South Africa and Globally as well.

Multi-National Automotive CorporationFraud Business Review and Mapping out their Digital Transformation strategies.


Multi-National Insurance Group: Fraud Business Review and Building out a Digital Fraud Command Centre.


Multi-National Banking Group: 
Fraud Organisation Structure review between 1st  LOD, 2nd LOD and 3rd LOD.