THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Current trends in Technology Aided Fraud & Challenges presented by technology in combating Fraud – Recording
Date: 12th October 2023
Time: 04.00pm-06.00pm
Venue: Online
Overview
Over the past two years, from business models to sourcing and procurement processes, and even investigation methods, had to be reinvented to keep up with the demands of these changing times. With the virus at large and social distancing an effective way to tackle it, businesses transitioned to remote or virtual working environments. While these working models and increased online transactions helped flatten the curve to some extent, they also led to concerns such as operational monitoring, procurement malpractices and rising ransomware attacks This unprecedented situation also raised questions on the integrity of third parties, employees as well as other stakeholders involved. Hence, many companies turned to technology to mitigate fraudulent activities, including procurement fraud risks and maintain the sanctity of their business operations.
According to the Association of Certified Fraud Examiners (ACFE), businesses lose up to 5% of their revenue, amounting to $3.7 trillion worldwide to fraud each year. Companies, especially ones that operate in emerging markets, can see revenue losses if the strong detection and deterrence measures are not adopted.
The fraudsters are ahead of their game, and this creates endless challenges to those charged with safeguarding an organization’s resources. Not only will the fraudsters cause financial and reputational damage, but also conceal their activities which render some operational checks redundant. With innovation in the technological sector, criminals have also become more advanced and are using intelligent techniques to defraud the system while exploiting loopholes. There are many fraudulent activities which have been observed by law enforcement authorities, like identity fraud, credit card scams, account takeovers, and payment fraud. The whole digital sector has been affected by these crimes which have ultimately resulted in users and companies losing billions of dollars.
Another key challenge is the use of dynamic social engineering where hackers use ingenious methods like phishing & telecom to dupe customers. This externality is difficult to detect and prevent. Moreover, fraud prevention solutions are difficult to implement.
This training aims to help Professionals navigate some of the emerging technologies that can help detect and mitigate fraud;
- forensics analytics,
- cyber forensics,
- Artificial Intelligence (AI),
- continuous monitoring,
- robotics process automation (RPA) and
- blockchain
Target Audience
This webinar will be useful to all professional Accountants and those aspiring to join the profession
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending the session.
Cost:
Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.
Online Booking:
We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
National Industrial Training Authority (NITA) Reimbursement:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
