Thursday, November 24, 2016

Online Fraud Detection on How and why people commit efraud

Pressure, opportunity and rationalization form the fraud triangle, which information technology security experts now believe are reasons why people commit electronic fraud.

Also, the people factor in e-payment fraud is increasing, with greed said to be responsible for 67% of fraud cases in 2015, while other causes included problems from debts and gambling, according to Dele Adeyinka, chief digital officer, Wema Bank Plc.

In a presentation, at 7th annual payment systems & fraud conference held in Lagos recently, Adeyinka, said that explanation behind fraud needs to take account of various factors, particularly, from the fraudster’s perspective.

He cautioned that individuals, financial institutions, other corporate bodies and the Government, must take serious the motivation of potential offenders; conditions under which people can rationalize their prospective crimes away and opportunities to commit crime(s); technical ability of the fraudster and expected and actual risk of discovery after the fraud has been carried out, as practical steps to nib in the bud e-payment frauds.

“A common model that brings together a number of the reasons why people commit fraud is the Fraud Triangle. This model is built on the premise that fraud is likely to result from a combination of three factors: perceived pressure; opportunity and rationalization.

“Perceived Pressure: typically based on either greed or need. Greed is said to be responsible for 67% of fraud cases in 2015. Other causes included problems from debts and gambling.

“Opportunity: Fraud is more likely in companies where there is a weak internal control system, poor security over company property, little fear of exposure and likelihood of detection, or unclear policies with regard to acceptable behaviour. Research has shown that some employees are totally honest, some are totally dishonest, but that many are swayed by opportunity. Rationalization: Some people may be able to rationalize fraudulent actions as: necessary– especially when done for the business; harmless –because the victim is large enough to absorb the impact and justiļ¬ed- because ‘the victim deserved it’ or ‘because I was mistreated,’” he said.

Also speaking, Kyari Bukar managing director of CSCS, highlighted the need for the industry to take a closer look at the block chain Technology, Internet of Things (IoTs) and big Data analysis.

He averred that the future of payment lies in harnessing the benefits these latest technologies bring, especially in the fight against fraud.

Speakers at the conference which had over 200 high level participation from top industry experts and public sector including the Nigerian Naval Force, FRSC, members of CeBIH, ISSAN, CCCOBIN, E-PPAN, commercial banks, E-payment providers, media houses, IT organizations, research firms, academia, audit firms, mobile payment service providers, government agencies, etc, agreed that to tackle e-payment fraud, emphasis must be on the ‘people, process and technology’.

Sunday, November 20, 2016

Why CRIB Advisors Mentors Singapore, Women networking Singapore?

The Issue

Challenges Women Face Today
· No Work-Life Balance
· Loss of Financial Independence
· Lack of Career Fulfillment
· Low Fertility Rate

Women today are smart, educated and talented, and want to have a fulfilling career. But family is equally, if not more, important. Achieving work-life balance is a struggle for many. Single mothers are a particular subset of women who face significant challenges as the primary caregiver and breadwinner for their families.

Today’s career women are continually challenged by the demands of full-time work. The majorities are working 40- 45 hour weeks, and almost every working mother wishes they had more time to spend with their children. On the other hand, mothers who make a decision to leave the workforce face the challenges of a drop in household income alongside rising costs of living, and sometimes a sense of loss of self-fulfillment or identity in giving up their careers.

Those who want to want to return to work when their children are older face difficulties in doing so. Meanwhile, the economy loses the contribution of many capable, highly-educated women. Due to these considerations, mothers-to-be often choose to delay starting a family. Singapore’s low Total Fertility Rate (TFR) is recognized as a top concern for Singapore’s future. Despite several incentive programs, married couples seem reluctant to procreate or to have more than two children.

The Solutions

· CRIB values the ability of women to make the best choices for themselves and their families.
· For some women, becoming an entrepreneur may be the answer to achieving the perfect balance between family and career.
· Being a business owner offers women an opportunity to achieve work-life balance.
· This doesn’t mean working less hard or being less productive, it’s about having the flexibility to make family a priority.

How We Do It

Crib Society
Our business community of like-minded, experienced women entrepreneurs creates the opportunity to exchange ideas and find inspiration and support from other successful women.

Crib Match

Our matchmaking programme allows entrepreneurs to find complementary partners to launch a business.

Crib Incubator

Our business incubator programme will provide CRIB entrepreneurs with invaluable mentorship from industry leaders, access to funding and a trusted network of resources to create successful, viable businesses.


Women entrepreneurs in supportive business partnerships are able to have a career while still having control over time and choices.

Positive Social Impacts
New Exciting Business

Exciting and viable new businesses come into existence, including innovative social enterprises.

Return of Latent Workforce to Economy

Together with the return of the latent workforce to the economy, including mid-career professionals, women are able to make a significant contribution to society.

Higher Fertility Rate

Eventually these women entrepreneurs create jobs that provide work-life balance to their employees, contributing to a societal mindset shift that will spread to the corporate world as well. All this, we hope, will lead to more babies!