Fraud Prevention Requires More Than Just Technology
By Desire Tshuma
Fraud prevention is a critical concern for organizations, and the Cyber Fraud Summit 2025 hosted by MorniPac Consultants in Nyanga brought together experts to discuss this growing threat.
According to Zimbabwean business leader and entrepreneur with extensive experience in the financial services and insurance industries Clever Matigimu’s presentation on sources of corporate risk and fraud, a multi-faceted approach is essential in preventing fraud, considering factors such as opportunity, motive, rationalization, and capability.
“Fraud prevention requires a multi-faceted approach, considering factors like opportunity, motive, rationalization, and capability,” Matigimu said, he emphasized that leaders must be vigilant and cautious, noting that “overtrust in employees can create opportunities for fraud.”
Matigimu also highlighted that motives can arise from social issues, unfair remuneration, and perceived injustices. “Capability, including a person’s value system and intelligence, also plays a significant role,” he added.
To prevent fraud, organizations can take proactive steps by prioritizing engagement, fairness, and transparency. As Matigimu noted, “By understanding these factors, leaders can take proactive steps to prevent fraud and protect their organizations.”
Effective corporate governance is vital in preventing corporate scandals. This includes board oversight, risk management, ethical standards, internal control systems, stakeholder engagement, and leveraging technology and innovation to enhance fraud detection and prevention.
He pointed out additional strategies for boards to mitigate fraud risk include formalizing fraud mitigation roles, continuing education, implementing whistleblower programs, and conducting regular risk assessments.
The Cyber Fraud Summit 2025 provided a platform for experts to share insights and best practices in combating cyber fraud, emphasizing the importance of a proactive and multi-faceted approach to fraud prevention.
