The term “fraud” is traditionally associated with the use of fake bills or checks to deceive a company, but due to technology, it has evolved into the digital realm, where it can act more quickly and hidden. In 2023 alone, more than 353 million people had their identities compromised according to the 2023 data breach report conducted by the Identity Theft Resource Center (ITRC).
Esteban Pinetta, from the SISAP Anti-Fraud department, highlighted that, for the most part, fraud originates internally within the company, through dishonest or non-compliant collaborators. “Many businessmen fail to see that fraud can occur in two ways, and while they seek to protect themselves from external threats, they leave their internal defenses down,” he said.
“If we ask someone if there is fraud in their company, they will surely answer no. The problem is that fraud by its nature is hidden, so when they finally realize its existence it will be too late,” Pinetta commented.
Fraud in numbers around the world
Digital fraud is a phenomenon that affects the world, according to ACFE, organizations lose at least 5% of their profits due to fraud, which is equivalent to more than 3 billion dollars around the world.
The perpetrators of fraud in organizations commit their misdeeds on average for 12 months or longer before being discovered, but there are even cases where fraud has been proven for up to 3 and 5 years without anyone noticing.
The “Faces of Fraud” study, published by the SAS Institute in 2023, indicates that 67% of consumers would change providers if they became a victim of fraud because of them, or if another company offered greater security against fraud, since 89% believe that companies should take more actions to protect them from fraud.
For consumers, a case of fraud represents a great financial impact due to the economic losses it brings. Especially when you take into account that only 32% of consumers have been successful in recovering the money they lost, while the remaining 68% have not been so lucky, according to data from the Report on Consumer Fraud in Spain 2023-2024 carried out. by the Spanish Association of Companies Against Fraud.
SISAP recommends how to prevent digital fraud in a company
SISAP experts comment that, thanks to technological advances and experiences collected over the years, solutions focused on behavioral analysis and transactional monitoring systems can be implemented, which help detect when there are fraud scenarios in organizations that could have gone unnoticed for a long time.
“By analyzing previous experiences in many organizations, it is possible to establish behavioral patterns that help us more accurately evaluate the internal processes in organizations and establish controls based on the best practices that exist worldwide,” commented Rita Cobar, manager of the department. SISAP Anti Digital Fraud.
The expert commented that, according to ACFE studies, by combining transaction monitoring systems together with Anti-Fraud awareness programs, the chances of organizations being victims of fraud are reduced by more than 27%.
