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Fighting fraud with facts, awareness

Cape Town - Sunday November 3 marks the beginning of International Fraud Awareness Week and will see more than 900 organisations worldwide promoting anti-fraud awareness and prevention campaigns.

Last year, South Africa used Fraud Week to encourage business leaders and employees to take steps to reduce the impact of fraud by promoting awareness and education.

It saw organizations such as JGL Forensics, PWC, the National Treasury, Absa Bank [JSE:ABSP], FNB, Vodacom [JSE:VOD] and the University of the Free State Business School all collaborate to hold events in several cities.

Organisations lose an estimated 5% of their annual revenues to fraud, according to a report published last year by the US-based Association of Certified Fraud Examiners (ACFE).

“Organisations of all sizes and types are susceptible to fraud, and it can have a measurable impact on their financial bottom line,” said ACFE President and CEO James D. Ratley in a statememt.

“While prevention and detection is a year-round endeavour, Fraud Week shines a spotlight on fraud – and supporters of the campaign demonstrate their understanding that spreading awareness is key in combating the global fraud threat.”

Deloitte’s Forensic Centre issued a report in October that looks at the growing use of visual analytic tools and techniques to detect and reduce corruption, fraud and waste in an enterprise.

“New visual analytics tools and techniques can enable compliance personnel, risk managers and others to do more with less by helping to identify previously hidden patterns, said Graham Dawes, risk advisory director at Deloitte, at the time.

“Entities should consider equipping their personnel to employ these techniques to meet the growing challenge of reducing corruption, fraud, waste and abuse in the enterprise.”

 - Fin24

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