Despite the implementation of increasingly sophisticated mechanisms, corporate fraud continues to gain ground, as illustrated by data that is both surprising and worrisome: half of all UK companies have been victims of fraud in the
past two years, according to a survey conducted by PwC.
Most UK organisations do not have a contingency plan that they can activate in case fraud occurs, despite the considerable risks: financial risk is at the top of the list, followed closely by data theft and potential impact on the company’s reputation.
The fight against fraud must be part of a global strategy based on three core pillars: new technologies, the organisation itself and behaviour. It involves behavioural organisational solutions that include raising employee awareness significantly; communicating clearly at all levels of the company; systematising and increasing
controls, special audits and more.
It is important to pay attention to technology, which happens to also be the fraudster’s
favourite tool. Many tools are available today for automatically detecting fraud. This includes
Big Data as well as invoice processing automation solutions powered by artificial intelligence.