The risk for fraud remains prevalent – with many organisations vulnerable to both internal and external threats. Not only is ‘social hacking’ and email spam increasingly rife but, add to that, the additional risk posed by inadequate internal controls. Poor supervision or the lack of verified processes can often lead to the creation of false documents or ‘document tampering’.
The increase in remote working due to Covid-19, has further indicated an upsurge in ‘remote’ fraud as opposed to ‘in-office’, which is more prevalent within financial and accounts payable departments than it should be. It is not enough to ‘shut the stable door after the horse has bolted’! We need pre-emptive measures to eradicate fraud at its source.