NEWS
Internal payments fraud on the rise and costing SA businesses payments fraud . According to Ryan Mer , Managing Director , eftsure Africa , a Know Your Payee ( KYP ) platform provider , the number of recent high-profile cases before the courts only partly reflects the true scale of the problem .
Estimates suggest that it costs the private sector more than R2 billion ( US $ 136 million ) every year to combat theft and fraud .
According to a PWC report , South Africa was ranked as having one of the worst white-collar crime rates in the world . A similar study conducted by the Association of Certified Fraud Examiners found that a typical organisation loses at least 5 % of its annual revenue to fraud . The same study also found that once victimised , an organisation is unlikely to recover the losses . “ Not only do South African businesses have to contend with the threat of external bad actors , but the relatively high likelihood of payments fraud being committed by an entity ’ s own staff ,” said Mer .
South African businesses , already under severe economic strain , are now counting the costs of rapidly increasing internal
He added that while the amount of business transactions taking place online is constantly growing and working from home is now commonplace , business controls have not kept pace with digital transformation . This has led to increasing demand for security and anti-fraud solutions .
Siemens drives Digital Transformation at its virtual Smart Mining forum
Siemens last month held its Virtual Smart Mining Forum to explore new trends and the impact of technology on the mining sector . The company used the event to announce the launch of a Hackathon to universities to participate using the low-coding platform , Mendix .
With its motto , “ On the road to the digital future ”, Siemens hosted its virtual Smart Mining forum from August 3rd to 5th 2021 . This is an insightful , strategic event that explores the impact of technology and how it can sustainably drive transformation within the African Mining Industry .
The Smart Mining Forum is supported by key industry leaders , including Sietse van der Woude , Head of Modernisation and Safety and Sustainable development , Minerals Council of South Africa ), Andrew Lane , Leader , Deloitte Africa and Ian Gebbie , Vice President , Electrical Control and Instrument Engineering , DRA .
“ COVID-19 has prevented the industry from having progressive conversations about how to move the mining sector forward . This 3-day event is an opportunity for us to bring the mining community together to reignite the dialogue and share knowledge to help us sustainably transform the future of mining in Africa ,” said Tim Walwyn
– Head of Mineral Solutions , Siemens Southern and Eastern Africa . As a partner to African mines , our electrification , automation and digitalisation portfolio offers a combination of deep understanding of the mining industry with state-of-the-art technologies .” p
www . intelligentcio . com INTELLIGENTCIO AFRICA 15