Tag: fraud detection

Artificial Intelligence (AI) is revolutionising global payroll management, making it more efficient and accurate – not only for businesses but also payroll professionals. AI isn’t replacing payroll professionals; it’s empowering them. The technology acts as a powerful partner, augmenting payroll professionals’ capabilities, enhancing their productivity and allowing them to play a more integral role in the organisation’s success.

Despite higher inflation, interest rates and cost of living, the South African insurances market experienced a revival during the last two years, with the gross written premium across the local insurances market expected to show an annual growth rate of 5.14% from 2024 to 2028 (CAGR 2024-2028), achieving a market volume of US$100.30 billion by 2028.

Few business leaders dispute that artificial intelligence (AI) is on course to upend every major market sector and industry, but many boards aren’t always aware of what a successful AI strategy looks like, or how best to prepare their organisations for the change.

In the past three years, we’ve seen consumers demanding unprecedented levels of online experiences across most industries. Unfortunately, the bad guys go where the money is. As online activity booms, we’ve seen the number of suspected digital fraud attempts in the financial services sector increase by 30% between 2019 and 2022.

Traditional South African banks, and their associated dated computer systems, were not designed for the breadth of operations required in modern banking and are rapidly falling off the pace of current banking demands.  Each advance in services offering, such as when customers started to use ATMs, demanded a wider range of features.

New Anti-Money Laundering (AML) scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky. Money laundering continues to fuel crime and terrorism globally, with the UN estimating up to $2 trillion moved illegally each year.

There are two recent matters that were investigated by our office where two private banking customers fell victim to the same scam under the exact same circumstances. The story behind convincing the victims to disclose their confidential banking information was new. However, the basic scam remained the same, as did the results.

As CFOs take on a more strategic role, other functions are increasingly looking to finance for near real-time and more accurate forecast reporting to make more informed business decisions. Although historical reporting remains relevant, organisations are looking to the finance role for instant guidance amid changing market dynamics.

The pandemic accelerated an existing trend toward widely distributed workforces, set in motion by growing globalisation and digitalisation. This creates a number of challenges for companies in terms of managing these dispersed employees.

Traditionally, cybersecurity entailed a reactive approach where organisations used learnings from previous compromises to improve their defences. With technology evolving and people embracing the likes of mobile wallets, banking apps, and other solutions to manage transactions, businesses must rethink how best to bolster anti-fraud mechanisms. The answer lies in artificial intelligence (AI).