Fraud risk – why who you trust is not a control

Rowan De Klerk | CEO | The CFO Centre South Africa | mail me |

Fraud has become one of those business risks that most owners acknowledge, but very few believe will happen to them. That mindset is becoming increasingly dangerous.

The challenge is that businesses often look for the threat in the wrong place. We tend to think about fraud in terms of the person committing it, when we should be paying just as much attention to the systems and controls that make it possible in the first place.

Every week seems to bring another headline about businesses losing money through sophisticated scams, fraudulent payments or internal misconduct. South African banks have warned that business email compromise and phishing attacks continue to rise, while artificial intelligence is making fraudulent emails, invoices and payment requests increasingly convincing. What used to be easy to spot now often looks entirely legitimate…

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