49% of organisations globally said they’ve been a victim of fraud and economic crime* – up from 36% in the previous 24 months. But what about the other 51%? Perhaps they haven’t noticed yet! Which camp do you sit in?
Lack of awareness and controls only gives more power to people perpetrating fraud. A further shocking statistic from PwC’s 2018 Global Economic Crime and Fraud Survey shows that 52% of all frauds are perpetrated by people inside the organisation.
Think of it as a boring compliance issue if you wish, but the reality is that your organisation could be losing hundreds, thousands and possibly even millions of $$ through weak detection and controls.
One of our JD Edwards clients in Australia, before installing ALLOut, discovered that an employee had stolen almost $750,000 in sending cheques to fake companies he had created. Whilst the perpetrator was jailed for his actions, it was naturally a huge loss, cost and disruption to the business.
Whilst stories about fraud-stopped-in-its-tracks are less sensational than ‘after the event’ scoop, let’s face it, as businesses we are better off focussing on good PR about our products and services than what we did wrong in our operations. Good controls to alleviate fraud are paramount.
Have you considered a JDE Fraud Risk Assessment? ALLOut’s tools are specifically designed to help you with:
- Segregation of Duties Reporting
- Regulatory Compliance
- GRC and Controls
- Compliance Reporting
- User Access Reviews
- Menu/Task View Access Reviews
- Change Control
- Security Access across Multiple Environments
- Fraud Identification
Don’t be reactive to your Fraud Prevention activity. Ask ALLOut or one of our Certified Partners to audit your JDE security. It goes without saying that implementing a strict system of controls and preventative measures is going to save a lot of heartache, money and even jobs, further down the line.
* PwC’s 2018 Global Economic Crime and Fraud Survey