Pressure, opportunity and rationalization form the fraud triangle, which information technology security experts now believe are reasons why people commit electronic fraud.
Also, the people factor in e-payment fraud is increasing, with greed said to be responsible for 67% of fraud cases in 2015, while other causes included problems from debts and gambling, according to Dele Adeyinka, chief digital officer, Wema Bank Plc.
In a presentation, at 7th annual payment systems & fraud conference held in Lagos recently, Adeyinka, said that explanation behind fraud needs to take account of various factors, particularly, from the fraudster’s perspective.
He cautioned that individuals, financial institutions, other corporate bodies and the Government, must take serious the motivation of potential offenders; conditions under which people can rationalize their prospective crimes away and opportunities to commit crime(s); technical ability of the fraudster and expected and actual risk of discovery after the fraud has been carried out, as practical steps to nib in the bud e-payment frauds.
“A common model that brings together a number of the reasons why people commit fraud is the Fraud Triangle. This model is built on the premise that fraud is likely to result from a combination of three factors: perceived pressure; opportunity and rationalization.
“Perceived Pressure: typically based on either greed or need. Greed is said to be responsible for 67% of fraud cases in 2015. Other causes included problems from debts and gambling.
“Opportunity: Fraud is more likely in companies where there is a weak internal control system, poor security over company property, little fear of exposure and likelihood of detection, or unclear policies with regard to acceptable behaviour. Research has shown that some employees are totally honest, some are totally dishonest, but that many are swayed by opportunity. Rationalization: Some people may be able to rationalize fraudulent actions as: necessary– especially when done for the business; harmless –because the victim is large enough to absorb the impact and justiﬁed- because ‘the victim deserved it’ or ‘because I was mistreated,’” he said.
Also speaking, Kyari Bukar managing director of CSCS, highlighted the need for the industry to take a closer look at the block chain Technology, Internet of Things (IoTs) and big Data analysis.
He averred that the future of payment lies in harnessing the benefits these latest technologies bring, especially in the fight against fraud.
Speakers at the conference which had over 200 high level participation from top industry experts and public sector including the Nigerian Naval Force, FRSC, members of CeBIH, ISSAN, CCCOBIN, E-PPAN, commercial banks, E-payment providers, media houses, IT organizations, research firms, academia, audit firms, mobile payment service providers, government agencies, etc, agreed that to tackle e-payment fraud, emphasis must be on the ‘people, process and technology’.
New York and London, June 27, 2016 –
Ina will be based in Nyon, Switzerland and will report to Jean-Pierre Aubin, Executive Managing Director, Global Head of Listed Products and General Manager of Continental Europe.
In this role, Ina will be responsible for managing BGC’s existing Scandinavian swaps and bonds business, as well as for advancing BGC’s strategic expansion into the Scandinavian markets. As an advocate of hybrid broking, Ina will make the most of BGC’s market-leading approach to technology in order to deliver innovation to clients.
Ina formerly served as Head of Scandinavian Products for Gottex Brokers from 2010 to 2016 and previously worked at ICAP in London.
Shaun D. Lynn, President of BGC, said: “BGC Partners is a company where talent and technology go hand in hand to help us deliver the best possible service to our clients. Bringing the best people into the business is critical to our future, and I’m confident that Ina will be a valuable addition to the team.”
Jean-Pierre Aubin said: “Over the past few years, BGC has strengthened our position across all markets by recruiting the most talented people, and Ina’s addition to the Company fits squarely within this approach. She’s bright, focused and her experience gives her a unique perspective, which will enable us to further provide added value to our clients.”
Anthony Warner, General Manager of BGC Partners, London said “Ina joins BGC with an impressive track record in markets that are extremely important across the entire Scandinavian product suite. We are delighted that Ina has chosen to join BGC Partners. Her addition to the team will advance our ambitious plans to further grow our hybrid business in this important region for BGC.”
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Make Dream a Real Asset
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