Forensic technology is increasingly becoming the solution to combatting fraud; however, there is a need to ensure the proper measures are in place and to engage with reputable service providers that can render credible and sustainable technology solutions, audit, tax and advisory services firm KPMG said on Tuesday.

Further, companies equipped with effective monitoring and swift response tools are better placed to mitigate potentially damaging situations or fraudulent incidents and limit the subsequent potential repercussions and adverse financial, reputational or operational impact.

Advances in forensic technology, which is one of the most important aspects of forensic investigations and is recognised as a crucial stakeholder to law enforcement, meant that no one should get away with fraud, KPMG South Africa forensic director Frans Triegaardt said.

“As technology permeates every aspect of our lives, it is no wonder that solving crimes has become almost futuristic in its advances,” he said.

However, as the changing nature of business creates new risks and potential threats, KPMG deemed it important to engage with a team “that is able to respond to crises” caused by white-collar crime quickly, efficiently and with a solutions-orientated mindset.

“Dealing with allegations of fraud, misconduct or other improprieties, such as violations of laws, regulations or organisational policies, has become mission critical for businesses,” he said.

Triegaardt cited the increasing sophistication of fraud, organised crime and terrorism, more complex legislation and regulations, challenges around technology, complex cross-border disputes, pitfalls from expanding into emerging markets, dependencies on unfamiliar business partners and more complex supply and distribution channels and the theft and misuse of intellectual property.

Failing to have correct measures in place to deal with fraud might hinder financial growth and negatively affect stakeholder confidence for organisations, as fraud and misconduct siphoned money stretching into the billions each year from organisations worldwide, as well as damaged reputations and placed public trust in the marketplace at risk.

“Through detailed inquiries and examinations, including the use of leading data analytic techniques, we believe that there must be impartial means to establish truths, evaluate implications, identify appropriate remedial actions, submit restatements, if necessary, and communicate with regulators or external auditors if needed,” he concluded.