Secure digital systems can minimise fraud in Africa

by Sep 2, 2022

Enterprises in Africa need complete financial control and oversight of their revenue streams if they want to minimise fraud. Remote working and the growing threat of cyber attacks have made financial control more important. Enterprises need to incorporate software and digital systems to mitigate fraud and cybercrime in order to protect their data.

More than 60% of South African businesses have fallen victim to fraud within the past two years, according to the PwC Global Economic Crime and Fraud Survey. In many of these cases, the fraud was committed by internal staff members. Trying to recover funds and taking the case to court after the fact can be expensive and time-consuming, so businesses need to invest in automatic detection and mitigation software.

4C Group offers preventative solutions to fraud through our business assurance services. These are based on our iNSight software, which can offer automatic fraud detection and revenue assurance to large enterprises in Africa. iNSight’s fraud management system is able to monitor and identify any abnormal activities and flag them as possible fraudulent cases.

Multiple in-stream fraud alarms can monitor and trigger based on specific sets of conditions or configured patterns that match possible known examples of fraudulent behaviour. In such incidents, the relevant supporting activity is automatically summarised and presented to analysts and investigators, so the fraud case is autonomously generated by the software.

Integrated software for fraud prevention

According to Absa’s head of product for its transactional banking cash management team, John Molanda, one of the best ways to improve financial controls is to integrate business accounting systems with banking systems. This can minimise weaknesses in traditional banking processes and reduce opportunities for fraud.

Our business assurance services seamlessly integrate into a company’s accounting system. In addition to revenue assurance and fraud management, our iNSight software also provides anti-money laundering systems that can identify and flag suspicious events within the enterprise’s accounts.

Our multidisciplinary team of experts can create custom alerts for any potential money laundering events. This includes automated transaction monitoring to detect suspicious activity. 4C’s software will also track international sanction watchlists to screen customers. The software will also group cases together and aggregate pertinent information relating to a case so that can be compiled reports for investigators and banks. These integrated systems will help large companies to detect financial anomalies early on.

Integrated business assurance services not only help minimise vulnerabilities but also help to improve efficiency within an enterprise’s finance department. Our software processes massive volumes of data and financial transactions on a daily basis. This improves revenue tracking and also enables the finance department to keep an eye on business accounts and payments more easily.

All transactions need to go through fraud management software

Some enterprises process hundreds of thousands of transactions every day. Each of these transactions should be assessed by intelligent software, such as iNSight, in order to detect and prevent possible fraud before it actually takes place. This software is ideal for banks, financial service providers and telcos, but it can also be integrated into any large company that requires fraud management.

The main aim is to protect the accounts and data of clients and consumers while simultaneously stopping criminals before they can act. Secure accounting is a key component of brand trust and loyalty – an enterprise that cannot control fraud or prevent customer payments from being rerouted is likely to face serious reputational damage and possible lawsuits.

Enterprises in Africa need to embrace technology and secure digital systems that can help to minimise fraud, money laundering and lost revenue. Work with a reputable business assurance provider, such as 4C Group of Companies. For more information about our fraud management solutions, please contact us today.

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At 4C Group of Companies, we strive to effect operational changes and cost savings for customers through our iNSight product and associated services. This product’s main function is to re-purpose and deliver business-critical information to a variety of systems and stakeholders. 

We specialise in information assurance, business assurance, FinTech solutions and a variety of business systems. For more insights into our products and services, check out our blog page or follow us on Facebook and LinkedIn.

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