On April 05, 2022, SME Banking Club, together with Confirmation, part of Thomson Reuters, held a webinar on the topic of financial statement fraud and the importance of technology use to help combat and mitigate fraud risk. In the beginning, Sara Ait-Ouba presented information about Confirmation – a leading digital platform and global network for confirming financial data. Confirmation helps auditors, bankers, lawyers, and businesses around the world work efficiently, find truth in financial data faster and detect fraud.
Fernando López-Fando focused on the reasons why we’re seeing an uplift in financial statement fraud:
- 51% of organizations have uncovered more fraud since the pandemic started;
- 71% expect the level of fraud impacting their organizations to increase over the next year;
- 38% of organizations increased their budget for anti-fraud technology for the fiscal year 2021, making this the most common area for increased investment within anti-fraud programs;
- 80% of organizations have already implemented one or more changes to their anti-fraud programs in response to the pandemic.
Then Fernando stressed that financial statement fraud causes significant losses.
Sara brought fraud cases of Wirecard and Commerzialbank Mattersburg to the discussion, and how the technology could have helped in fighting such frauds.
So, what is the impact of technology to mitigate financial statement fraud?
Top three focus areas this year for the financial industry:
1. System upgrades.
2. Improving risk and control.
3. Automation of processes.
The top three priorities this year to strengthen business:
1. Risk and compliance.
3. Fraud mitigation.
How does Confirmation work?
To learn more details, watch the full webinar below: