How digitalization of processes reduces corporate fraud

• Transforming and reshaping the operations of technology-enabled companies in order to avoid fraud is not only a mandatory compliance by regulations, but a way to reduce losses, costs and risks within and with customers.

• It is true that methods and controls rely more and more on technological solutions and the disruption of fraud.

• At the same time they help modernize and improve the company’s operations.

Corporate fraud prevention is the practice that focuses on doing productive work to avoid committing any kind of crime related to its activities. According to Juan Carlos Gonzalez, CEO of Expediente Azul, the operations most vulnerable to fraud in companies are document forgery, data forgery within documents and identity theft; However, with digitization, techniques are adopted to reduce these risks.

The success story that has taken advantage of digitization is life proof to reduce plagiarism, as it requires a photo, video, audio or remote biometrics.

The financial industry is leading the way

According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef) and its Office of Financial Entities, during the first half of 2021, the authority in Mexico received more than 2 million and 75 thousand claims of possible fraud; Of these, five banks collect 68 percent of claims. Similarly, regarding identity theft, 27,706 claims were issued, an 18 percent increase over the first half of last year, when two banks received 68 percent of complaints.

With this view, those who have taken the biggest actions to reduce fraud are the financial industry, which is leading the way in terms of technological innovation for the digitization of operations, and private finance companies, which are beginning to produce 100 percent digital products. .

By digitizing processes, corporate credit and collection departments have the opportunity to digitize processes, speed up, secure and generate certainty for their portfolios and prevent fraudulent operations.

Digital and electronic signature, along with the identity verification, risk analysis, and resilience that must be included in CRMs and ERPs, reduces errors in documents sent by customers by up to 30 percent and enables companies to devote more time to training your employees and for your teams to focus their time on processes, because 50 percent of their time is devoted to merging a file.

At that time, companies can lose up to 40 percent of customers for realizing the process is complicated. Similarly, connectivity issues with requirements integrity can cause 60 percent of operations to be lost and can lead to up to 20 percent dissatisfaction with complexity.

to the end, Transforming and reshaping the operations of technology-enabled companies in order to avoid fraud is not only a mandatory compliance by regulations, but also a way to reduce losses, costs and risks within and with customers.

It is true that the methods and controls are increasingly supported by technological solutions that disrupt the commission of fraud, while at the same time helping to modernize and improve the company’s operations, he asserts. Electronic identification.

More: