29/12/2022
Fraud is increasing globally with 49% of the organisations experiences economic crime.
In the Sub-Saharan Africa, corruption is the most common internal fraud scheme with typical fraudsters being university degree graduate male between the ages of 36 to 45 being first time offenders.
Fraud committed by owner/executives accounts for 19% while employees accounts for 44%. Frauds committed by owners/executives are 6 times higher that those committed by employees.
Banking, manufacturing and government sectors are the most targeted. On average, it takes 16 months to detect a fraud scheme.
Accounting, operations and sales departments account for 40% of the fraud. Forty percent (40%) of fraud is detected through tip off and 53% of the tip off is done through employees.
Fraud Risk Assessment and the code of ethics are core to the prevention of frauds and corruption while the whistleblower and internal audit control detect fraud. Investigation and disciplinary action treats frauds.
We can all play a part in the fight against fraud.
