Join us for the latest ITESOFT Insider View where John and Colin discuss the impact of fraud on a modern organisation and ways to combat it. ❤ FISCAL Technologies: www.fiscaltec.com  ITESOFT: www.itesoft.co.uk Watch the video here: https://contact.itesoft.co.uk/lp-uk-vlog-fiscal FISCAL Tec's 15 Ways to Reduce Fraud - http://bit.ly/2MtQ3KV ITESOFT Smarter. Faster. Safer.

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Digital Automation
Smarter. Faster. Safer.

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FRAUD! THE BIG TOPIC
WITH COLIN RIGBY
OF FISCAL TECHNOLOGIES

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• Colin is Head of Strategic Alliances and
Channel for FISCAL Technologies
• Worked in/around Finance for nearly 30 years
WELCOME – COLIN RIGBY OF
FISCAL TECHNOLOGIES

4. ABOUT FISCAL TECHNOLOGIES
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• 250+ Organisations worldwide rely on FISCAL
Technologies to protect their organisational spend
• Protect against fraud, risks and compliance issues and
improve process efficiency
• Forensic and Artificial Intelligence powered analysis
heightens visibility of supplier payments risks

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• 5% of annual revenues lost to fraud globally.
• $4 Trillion – projected total global fraud loss.
• 50% of fraud as a result of weak internal
controls.
ACFE REPORT TO THE NATIONS 2018

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• 30% of UK Organisations hit by Credit Card
fraud
• 42% of UK Organisation have allocated budget
to fraud protection
• 97% of UK Organisations have had some sort
of fraudulent activity in the last 12 months
• In 2018 estimated £40.4 billion of fraud in
public sector, and £114 billion in private sector
UK FRAUD – 3 KEY POINTS

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• The more technology implemented by a
company increases their risk of fraud but you
can’t inhibit technology/development so fraud
prevention is a major project for modern
organisations
• Importance of quality & quantity data to
protecting the business
• Rules built into technology to highlight risks
• Analytics, insights & reports benefits to
understanding risks & data
IMPORTANCE OF TECHNOLOGY

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• Previously robbery of this scale would have to
be completed via a bank robbery, leading to
serious prison time because of aggravating
circumstances
• In modern times fraud is considered “white
collar” as there is no perceived victim
• Many Fraudsters believe they deserve the
money they are defrauding, and steal from
their own companies.
• Ex-fraudsters have joined the fight against
fraud
• Courts are getting tougher on corporate fraud
sentencing
IN THE MIND OF A FRAUDSTER

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• The most common way fraud is caught is via a
whistle-blower within the organisation
• 80% of orgs say external auditors were
responsible for trying to prevent fraud
• 4% of potential fraud was stopped by auditors
15 ways to reduce fraud document
from FISCAL technologies
HOW TO DETECT FRAUD?

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• No PO No Pay policies
• Admit that fraud is a problem and explore
ways to prevent previous situations
• Constantly evolve your processes
HOW TO PREVENT FRAUD?

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• Cleanse Supplier Master Data
• Know who you’re employing
• Know your areas of risk in your processes
• Segregate duties
• Make fraud awareness visible throughout the
organisation
ACTIONS

12. Digital Automation
Faster.Smarter. Safer.