Technology supports fraud prevention

May 2018 Access Control & Identity Management, Security Services & Risk Management

Employee fraud is a major problem faced by organisations of all types, sizes, locations and industries. While employers would all like to believe that their employees are loyal and working for the benefit of the organisation – and majority of them probably are – there are still many reasons why some employees may commit fraud and several ways in which they might do it.

Recent surveys confirm that internal fraud is growing and threatens overall company profitability and company policies need to be implemented to prevent this from happening.

Prevention and detection are crucial to reducing this loss. Every organisation should have a plan in place as preventing fraud is much easier than recovering your losses after a fraud has been committed. There are ways companies can minimise fraud occurrences and this can be done by implementing different procedures and controls.

Awareness affects all employees. Everyone within the organisation should be aware of the fraud risk policy, including types of fraud and the consequences associated with them. ZKTeco offers clients a range of products that can be integrated and give a full security platform to the users. Fraud prevention using various technology devices and biometrics can help organisations to spot disloyal employees easily. The visibility of these devices acts as one of the best deterrents to fraudulent behaviour. It is important for companies or organisations to continuously monitor and update their fraud detection strategies to ensure they are effective.

With the ZKBioSecurity platform linking external information with internal data, fraud has never been so easy to monitor. Such a platform enables organisations to collect data effectively and offers results of your fraud detection plans that enhance your prevention controls. It is important to document your fraud detection strategies including the individuals or teams responsible for each task, therefore ZKBioSecurity offers clients a full system in monitoring and collecting data.

Once such a detailed fraud detection plan has been put in place together with the various technology devices that will not only enhance the look and feel of your office space, you will have the security you need, and can make all employees aware of the plan and implementation thereof. Knowing the company is watching and will take disciplinary action can hinder employees’ plans to commit fraud.

Those who are willing to commit fraud do not discriminate. It can happen in large or small companies across various industries and geographic locations. Occupational fraud can result in huge financial loss, legal costs, and ruined reputations that can ultimately lead to the downfall of an organisation. Having a proper security system made up of various devices which communicate easily to a software which offers full monitoring and data collection in place can significantly prevent fraudulent activities from occurring or cut losses if a fraud has already occurred. The cost of trying to prevent fraud is less expensive to a business than the cost of the fraud itself.

For more information, contact ZKTeco (SA), +27 (0)12 259 1047, [email protected], www.zkteco.co.za



Credit(s)




Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

A platform for access and identity at Securex 2025
Securex South Africa Access Control & Identity Management Facilities & Building Management
South African companies involved in supplying access control technology, security services, and data management are well-positioned to tap into the expanding access control market at Securex 2025.

Read more...
Background checks: risk levels and compliance
iFacts Access Control & Identity Management Security Services & Risk Management
Conducting background checks is a vital step in the hiring process for employers or when engaging service providers; however, it is crucial to understand the legal framework and regulations governing these checks.

Read more...
Insurance provider uses Net2 For access management
Paxton Access Control & Identity Management Integrated Solutions Healthcare (Industry)
BestMed selected Paxton Net2 for its access control requirements because of its simplicity of installation and ease of navigation for end users, as well as the 5-year warranty.

Read more...
Identity is a cyber issue
Access Control & Identity Management Information Security
Identity and access management telemetry has emerged as the most common source of early threat detection, responsible for seven of the top 10 indicators of compromise leading to security investigations.

Read more...
Embracing contactless access solutions
HID Global Access Control & Identity Management
There has long been a discussion of the perils and virtues of authentication factors. Is it more secure to use something we have (a key card), something we know (a password), or something we are (biometrics)?

Read more...
Smart access for a safer community
neaMetrics Suprema Access Control & Identity Management Residential Estate (Industry) Products & Solutions Commercial (Industry)
Suprema has released its BioEntry W3 facial authentication access control device with multiple authentication options, including RFID cards as well as mobile credentials, designed for durability and resilience.

Read more...
The power of knowing your client
Ideco Biometrics Access Control & Identity Management Integrated Solutions
One of the most effective ways to combat the threat of fraud, identity theft, and financial crime threats is through a robust Know Your Client (KYC) process, which safeguards both businesses and clients.

Read more...
Smarter ways to secure your space
Elvey Security Technologies Access Control & Identity Management Products & Solutions
Ensuring the safety of people and assets has become more crucial than ever, and access control systems provide essential tools to regulate and monitor who can enter specific areas or access sensitive resources.

Read more...
Facial recognition in national security
Access Control & Identity Management Government and Parastatal (Industry)
As global security challenges evolve, facial recognition technology provides a vital edge by turning our unique identities into powerful assets for national defence and changing a sea of anonymity into a line of defence.

Read more...
Federated identity orchestration
Technews Publishing SMART Security Solutions Editor's Choice Access Control & Identity Management Security Services & Risk Management AI & Data Analytics
Understanding exactly who resides at the end of a digital device is key, and simple identity number verification by the Department of Home Affairs is no longer a viable solution on its own.

Read more...