Time for busi­ness to share data

Finweek English Edition - - To My Mind - PAT CUN­NING­HAM

AFRICA NOW HAS an­other in­dus­try-spe­cific silo of fraud-re­lated data along with in­dus­tries in FMCG, health and fi­nance. Some years back Busi­ness Against Crime at­tempted to de­velop an in­dus­try align­ment fo­rum so that fraud data could be shared through­out com­merce and in­dus­try.

Af­ter two years, the South­ern African Fraud Preven­tion Ser­vice (SAFPS) left the fo­rum, as lit­tle was be­ing achieved ex­cept talk. Over the past five or so years SAFPS has also been in dis­cus­sion with var­i­ous in­dus­try sec­tors, in­clud­ing the short-term in­sur­ance and health in­dus­tries, in an at­tempt to cre­ate

some form of shared fraud data man­age­ment agree­ments – but to no avail. Al­though the con­cept is ver­bally es­poused, the prac­ti­cal­i­ties seem to fall foul of per­sonal egos and hid­den agen­das.

Since 1 Jan­uary this year mem­bers of SAFPS have re­ported fraud sav­ings in ex­cess of R1,148bn, with more than 9 600 fil­ings hav­ing been made to the SAFPS sys­tem. Surely it’s time for South African busi­ness to come to­gether, put aside per­sonal in­ter­ests and egos and agree to share rel­e­vant fraud data?

Not only would a clearer pic­ture of fraud be avail­able in this coun­try but by shar­ing data busi­ness would be able to eas­ily iden­tify fraud syn­di­cates that op­er­ate in all in­dus­try sec­tors and be able to put a stop – or at least re­duce – this blight on our so­ci­ety.

Ex­ec­u­tive Di­rec­tor South­ern African Fraud Preven­tion Ser­vice

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.