One of the single biggest risks for businesses is loss of profits through employee fraud.
South Africans have become well-conditioned to seeing reports of millions of Rands being stolen from businesses through Fraudulent transactions and Corrupt activities.
Consider for a moment:
- Employee fraud could be costing your business up to 7% of annual revenue
- Statistics from the SA Police Services indicate that 83 823 commercial crimes were reported last year
- PwC research says that one out of every three business cite business misconduct as a growing risk for their business and many organisations spend more on investigating fraud than the actual illegal activities
Below is a breakdown of the different types of Fraud / Corrupt activities that businesses reported per region:
You can mitigate much of this risk by having an anonymous Fraud Reporting solution in place to provide a channel for your employees to report illicit activities.
“Fraud Detection is not just a control, it is a vital business issue”
If you would like assistance in implementing a Fraud Reporting solution, please complete the form below and one of our Problem-Solvers will be happy to assist you with a potential solution.