The pandemic turned a medical emergency into a global macroeconomic crisis, causing market volatility and markets to suffer losses unseen since the 2008 financial crisis. Meanwhile we’re witnessing an increase of financial statement fraud. Economic booms help fraudsters paper over cracks in their accounts, from fictitious investment returns to exaggerated sales. Slowdowns rip the covering off leaving financial institutions and other stakeholders to suffer the consequences.
The most recent case by Luckin Coffee, NMC Health and Wirecard, where they disclosed a €1.9bn hole in its accounts will not be the last cases we’ll see. Now more than before, the role of technology in detecting and preventing fraud is crucial. In a session with Confirmation, part of Thomson Reuters, Anders Jensen, Managing Director MENA will explore:
The new opportunities for financial statement fraud brought by the pandemic
The risks of traditional communication processes and working with legacy systems and processes
The benefits of financial institutions innovating in this area and the role of technology in detecting and preventing financial crime
Partnering with third parties to mitigate risk and accelerate growth