FEATURE : LOGISTICS
Key takeaways
within the logistics sector by reducing exposure to internal fraud scandals , safeguarding a company ’ s reputation and securing customer trust .
Additionally , specialised suppliers cam improve operational efficiency and oversight by automating verification processes , by digitising third-party and supplier ’ s manual onboarding processes and master data management .
This minimises manual errors , resulting in cost savings and freeing up resources for allocation to other areas of the business . Such a proactive approach allows companies to shift their focus from reacting to incidents to actively preventing internal fraud , promoting a more secure and resilient financial environment .
While internal fraud is not the only reason for concern and cognizance needs to be given to external fraud and cybercrime , by providing secure payment verification , data-driven insights , advanced fraud detection , and assisting with regulatory compliance , specialised suppliers can be a critical piece of the puzzle for creating a more secure and robust logistics industry in South Africa .
eftsure is a comprehensive , system agnostic solution , designed from the bottom up to give businesses the ability to manage , control and secure the full lifecycle of a payee from onboarding through to the actual point of payment . p
• Understanding the risk landscape of internal fraud and implementing robust counter measures is vital to securing this critical industry .
• The logistics industry faces a high risk of internal fraud , due to factors such as the handling of large sums of money in various transactions .
• Employees in finance departments may submit false expense claims , fictitious invoices , or manipulating financial records for personal gain .
• The complex and fast-paced nature of logistics contributes to the risk .
• Intricate supply chains and high transaction volumes make it easy for fraudulent activities to go unnoticed .
• Increasing reliance on technology for managing inventory , processing transactions , tracking shipments creates vulnerabilities .
• Weak cybersecurity measures can allow internal actors to manipulate systems , data , and impersonation to facilitate fraudulent payments .
• Offering a secure payment verification service , can help prevent fictitious invoicing by verifying beneficiary and bank account details .
• The system detects red flags , such as mismatches in account names and numbers , minimising manipulation opportunities .
• Specialised suppliers provide comprehensive fraud data , enabling logistics companies to identify risks and anomalies in payments .
• This facilitates proactive risk mitigation strategies based on high-risk accounts or additional verification steps for new suppliers .
• Real-time monitoring and anomaly detection uses advanced algorithms to identify unusual behaviour , revealing internal fraud attempts .
• By using a Know Your Payee platform , logistics companies can mitigate the impact of internal fraud , reducing financial losses .
• Making use of such a service contributes to reputation management within the logistics sector by reducing internal fraud scandals .
• Specialised suppliers can improve operational efficiency by automating verification processes , by digitising third-party onboarding processes .
• Proactive approach allows companies to shift their focus from reacting to incidents to actively preventing internal fraud .
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