The impact of COVID-19 on the fraud

Covid-19 pandemic will definitely increase the fraud rate in the coming years — organizations need to brace themselves.

ACFE, Association of Certified Fraud Examiners, estimated that organizations lose 5% of revenue to #fraud each year (source) . We can logically expect this percentage to rise since fraud rate is likely to increase in period of bad economy caused by global #pandemic. Correlation between fraud rate and major social and economic crises has been seen in both World Wars, Spanish flu (1918), Influenza pandemics (1957, 1968), Great Depression (1930s), Asian financial crisis (1997), Global financial crisis (2008-2009), and is seen again now in Covid-19 pandemic. (source)

RAALS directly addresses this issue, helping companies combat the problem of fraud and anomalies. Companies face lack of IT internal resources for technical solutions to fight fraud which makes them an easy target for fraudsters. We see a strong market demand for such product. As our everyday work is dedicated to deliver the best technology for our customers, we will strive to help transform business models to be data-driven and highly automated. They will overcome that challenge with the support of our advanced analytic platform.