Dubai: On the recent rise of IT-based frauds, concern and confusion among corporates and external stakeholders on how to detect and prevent fraud as companies are losing heavily. The entire market wants to prevent, detect, and ensure a safe and resilient business environment to conduct business hazzle free.
On the discussion regarding the detection and prevention of the frauds and fraudsters from the root level a meeting was conducted by CIOMajlis at Godolphin Ballroom,Emirates Towers, in Dubai. The topic was on, ‘Information Technology-Fraud, Prosecution and Prevention’. Meet has put forward methods and measures of implementing realtime fraud prevention and detection programs will enable organizations to reduce the cost of fraud by lessening the timeframe between committing and detecting the fraud.
Companies should select “right people with integrity and competency” to detect and prevent fraud, Abdulqader Obaid Ali, President- UAE Internal Audit Association and also Chief Executive Officer of Smartworld told CIOMajlis on Sunday 3rd September 2017 while addressing the CIOMajlis meet. “Whenever you hire somebody in your organisation you hire the person for two things: Integrity and Competency. Invest more in people, educate them and select the right people is what you really need to do. For any organisation, that is the most important thing.”- Abdulqader also added.
Ahmed Al Mulla, Chairman of CIOMajlis, who is also Senior Vice President, IT, Emirates Global Aluminium, said: “Today most companies depend on IT. Most of your applications run actually on the systems. The role of CIOs is actually to facilitate the systems so that they can actually detect fraud, looking at patterns, looking at repetitions, dummy employee or dummy transactions. Many companies use dummy transactions on their systems.”
CIOs have a crucial role in detecting fraud in their organisations. They can educate the people about what is happening in their organisations because CIOs spend a lot of time and effort in protecting their system using firewalls, etc. If an organisation acquire competent people with integrity they would not be tempted to do any fraud, bringing losses to the organisation. So, Organisations should spend more time in investing and introducing the culture of security. Generally, in a company everybody has to work together, with the finance department, or procurement or human capital. The CIO has to lead that. He is responsible to create the culture of really detecting and preventing fraud.