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#12 Beat the fraud blues!

By 29.01.2021February 7th, 2021Journey

This week, the BBC called out fraud as “an epidemic”, “national security threat” and “no-one’s priority”.  Maybe its justifiable strong language with recent global surveys estimating the cost of fraud on companies and organisations at 6% of world GDP… and rising.  But why use language that spreads additional panic and fear when behind every problem is a big bright opportunity?  Also talk about “red flags” is depressing, not to say disrespectful to some countries.  It’s time to perceive every potential fraud as a blue spot of opportunity to be seized before it spreads.  So, don’t be idle! In the words of “Eric Idle”:…always look on the bright side of life…

Turn the bright blue spots to your advantage…

Zooming in on the blue spots of fraud early, understanding them and then transforming “waste into value” is neither myth nor hocus pocus.  But it does feel a little bit magical when our clients use our tools and data to home in, and transform the blue spots of fraud, without having to travel to far-off places. Here are five tips that always beat the fraud blues in this new age

  1. Empower every hand-on-deck in your organisation to see fraud and stamp it out.
  2. The best way for anyone to open their eyes to the threat of fraud is to see it as an opportunity from the point of view of a criminal…without becoming one of course!
  3. Be curious, take an interest and follow where the money goes and comes from…be it a bill, a bank statement, or a budget, because if you are curious you will always recognise the fraudulent blue notes.
  4. Leverage technology, algorithms, and data as much as you can but always stay in-charge and be humane (with a focus on “u”).
  5. Develop your robust PreCrime mentality aimed at defeating fraud itself, rather than focussing on people who might commit crimes in the future.

Algorithms + Data = Insight

The COVID pandemic has pushed the human race to work together to find new vaccines, as well as better solutions to almost everything…such as going digital in a month.  Data oils the new machinery.  The last 12 months have been the most rewarding ever, as we pushed to develop sharper algorithms and tools for both Fraud PreCrime and more efficient, remote investigations. “I guess that´s why they call it the blues…”, and most people can agree Sir Elton John did bring light to the hearts of millions of people.  We humbly welcome you to be part of our blue spot journey transforming problems to opportunities and a shared dream of a fraud free world!