Forensic technology is increasingly becoming the solution to combating fraud; however, there is a need to ensure the proper measures are in place and to engage with reputable service providers that can deliver credible and sustainable technology solutions, KPMG argues.

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 recognised as a crucial stakeholder to law enforcement, mean that no one should get away with fraud, KPMG South Africa forensic director Frans Triegaardt says.

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

However, as the changing nature of business creates new risks and potential threats, KPMG deems 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 says.

Triegaardt cites 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 were reponsible for siphoned money stretching into the billions from organisations worldwide each year, and damaged reputations as well as placed public trust in the marketplace at risk.