Staying vigilant – or turning a blind eye?
PwC’s 2018 Global Economic Crime and Fraud Survey finds that 49% of global organisations say they’ve experienced economic crime in the past two years. But what about the other 51%? Have they avoided falling victim – or simply don’t know about it? Since fraud hides in the shadows, one of the most powerful weapons in a fraudster’s armoury is a lack of awareness within organisations. It’s time for all businesses to recognise the true nature of the threat: not as just a nuisance or cost of doing business, but a shadow industry with tentacles in every country, sector and function.
Identify your blind spots
This year, 49% of respondents said their companies had suffered fraud, up from 36% in 2016 – a rise driven by rising global awareness of fraud, a more robust response rate, and greater clarity around what ‘fraud’ actually means. But every organisation – no matter how vigilant – is vulnerable to blind spots, which usually become apparent only after an incident. Throwing light onto those blind spots before anything happens can open up opportunities for big improvements in your fraud-fighting efforts.
Economic Crime stats such as those identified in “PwC’s 2018 Global Economic Crime and Fraud Survey,” is exactly what Vigilance aims to mitigate. The best defense is a good offense, right? This tells us that proactively defending your organisation against fraudsters is the best way to protect your investment and in turn, your staff – it means making yourself aware that economic fraud is a very real and very serious crime being committed everyday which reminds us of how vigilant we need to be.
As mentioned in “Identify your blind spots”, every organisation – no matter how vigilant – is vulnerable to blind spots, which usually become apparent only after an incident.
Vigilance could have prevented the risk to the 49% as our software analyses batch file data in real time and identifies patterns and anomalies which don’t add up, for example; an employees bank account number in your creditor payroll, a phishing scam bank account number in your transaction list – can you say that the systems you have in place have the ability to do this? When was the last time you reviewed your payment controls?
Having a good system in place will minimize or even eliminate the risk of falling victim to fraud and even simply, human error.
If you’re interested in protecting your organisation and finding out about the value that Vigilance provides click the button below
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