Barclays on fraud awareness
Monday, November 10, 2014
The road shows aim to engage stakeholders on pertinent issues of fraud and how they can individually and collectively prevent it from affecting them. According to a statement from the bank, fraud continues to be one of the most topical issues in the financial industry, affecting unsuspecting individuals and corporates.
This initiative will therefore be a useful way to understand common fraud issues, provide an insight into fraud prevention strategies and allow for interactive debates for the optimum benefits of the public at large, the bank said.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...