Tag: fraud triangle
Criminal risks facing financial institutions
Despite being in the business of risk mitigation, insurance firms themselves are often subject to risk in the form of insurance crime. Last year, the Association for Savings and Investment South Africa (ASISA) found that South African life insurers detected 4,287 fraudulent and dishonest claims worth R787.6 million across the board.
Internal fraud – who commits it and why
International Fraud Awareness Week is taking place from 14-20 November, highlighting an increasing problem that organisations around the world are facing. According to the Association of Certified Fraud Examiners (ACFE), businesses lose around 5% of their annual revenue globally due to fraudulent behaviour, which experts estimate amounts to a total annual loss around the world of $3.7 trillion.
Economic crime and fraud – countering threats from inside and out
Economic crime is harming businesses at a staggering rate throughout the world. Digital innovation and technology has also given rise to new attack surfaces for economic criminals and fraudsters, with the rate of instances growing at exponential levels.
