Tag: fraud

When it comes to AI, virtual assistants and chatbots are an immediate association for many. However, despite the growing importance of intelligent, programmed systems in relation to customer-facing interactions and hyper-personalised marketing, AI has other important uses for companies too – in fighting fraud.

Read our exclusive cover story entitled WHISTLEBLOWING | THE COST OF COURAGE! by David Loxton, Head, Africa Forensics & Cyber, as well a host of other topical management articles written by professionals, consultants and academics in the February/March 2019 edition of BusinessBrief.

With security as the watchword at every turn and in practically every transaction in modern-day life, the unsettling reality remains that fraud, identity theft, and cybercrime are rapidly on the increase globally.

Cyber attacks against financial services firms and other sectors have increased in number, size and sophistication. Globally, cybercriminals have launched large-scale attacks against banks and other financial institutions, siphoning billions of dollars from bank accounts as well as stealing millions of credit card records.

Where a seller had fraudulently failed to disclose a defective roof and sewerage system covered by buildings constructed without required statutory approval he was successfully sued in delict for fraudulent misrepresentation and fraudulent nondisclosure.

SAICA's response to the VBS Mutual Bank report released by Advocate Terry Motau SC on 10 October 2018. The South African Institute of Chartered Accountants (SAICA) takes note of The Great Bank Heist, Advocate Terry Motau SC’s forensic report on the alleged fraud that took place at VBS Mutual Bank.

But whose problem is workplace fraud, and what can individuals, companies and municipalities do to combat it?

As unemployment in South Africa jumped to 27.2% for Q2 2018, the proverbial walls seem to be closing in on job seekers. The strain of this appears to be intensified among the youth who account for 63.5% of the total number of unemployed persons,irrespective of education level.

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.

Africa has a higher percentage of companies affected by fraud, theft, money laundering or other financial crimes than the global average, according to one of the most comprehensive surveys of international business to date. Thomson Reuters commissioned the survey of more than 2,300 senior business leaders in large companies to shine a light on how pervasive such crimes have become across the world.