IMA: Technology, strong governance critical to fighting fraud

The Institute of Management Accountants is helping promote International Fraud Awareness Week this week, to push financial professionals to do more to ensure fraud prevention and detection are a priority at the companies where they work. Business payment fraud is a growing problem, with 78% of businesses saying they have suffered it, according to a study by the Association for Financial Professionals. IMA president and CEO Jeff Thomson said the impact on small business from fraud can be substantial, with 60% of such victims never recovering any of their losses. Espousing the use of fraud mitigation tools to deploy against the risk of fraud, Mr Thomson also said: “It’s making the employees and partners aware that you take fraud seriously…Of course we want to minimize the impact of potential fraud once it happens, but we also want to prevent it from happening in the first place. That’s the intent side of human behavior. But absolutely management accountants should be embracing [robotic process automation] and artificial intelligence technology and fraud monitoring technology to help in their identification of what could appear to be anomalies.”

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