The incidents of IT-based frauds are climbing in organisations, raising concern among company houses and external key stakeholders on ways to discover and avoid fraudulence as companies shed heavily.

Companies should pick right people with integrity and competency to spot and prevent fraud Abdulqader Obaid Ali, President, UAE Internal Audit Organization, told CIOMajlis.

Dealing with the CIOMajlis at Godolphin Ballroom, Emirates Towers, in Dubai, on the subject 'Information Technology - Fraud, Prosecution and Prevention Abdulqader said: "Whenever you hire somebody in your organisation you work with the person for two points: Honesty and Expertise. Invest a lot more in people, enlighten them and pick the right people is exactly what you truly need to do. For any kind of organisation, that is one of the most essential thing."

The talk was in the context of various IT-based scams situations appearing in organisations. This raised concern amongst corporate residences and exterior key stakeholders on how to prevent, detect, and ensure a secure and resilient business atmosphere to carry out business.

As technology advancements, so do schemes to dedicate fraud. Modern technology could not only be utilized to commit fraudulence, yet likewise to prevent and discover it. Using technology to carry out real-time scams avoidance and discovery programs will allow companies to decrease the expense of fraud by lessening the moment from which a scams is devoted to the moment it is identified.

" Fraud comes in various means. When you take something that does not come from you, or when you abuse your authority or access to info for personal gains, frauds are perpetrated," he stated.

Modern technology is moving extremely quick. It's really difficult to catch up with it. CIOs are in the middle of a great deal of individuals who do not understand the need for protection.

For example, individuals break down the number of credit cards to gas station assistants, trusting them, however they can abuse them. This system remains in place to shield individuals, yet unfortunately they don't regard. Although the Reserve bank made the required that all credit card individuals must make use of pin number, individuals provide it out relying on others. Then just what's the usage? So people are the weakest web link.

CIOs should go above and beyond and inform individuals regarding not to share passwords. Yet you make it in such a way that people understand the function. When you state you need to alter your password every 3 months, they may not like neither do they value the requirement for it. It is necessary to invest in individuals and develop recognition.

" CIOs have a crucial function in identifying fraudulence in their organisations. They can enlighten individuals regarding just what is happening in their organisations since CIOs spend a great deal of time and effort in safeguarding their system using firewall programs, and so on" Abdulqader, that is also Ceo of Smartworld, said.

" If you have competent people with honesty they would certainly not be attracted to do any scams, bringing losses to the organisation. Organisations must invest even more time in investing and presenting the culture of safety."

Ahmed Al Mulla, Chairman of CIOMajlis, that is additionally Senior Vice President, IT, Emirates Global Aluminium, said: "Today most business depend on IT. Most of your applications run really on the systems. The duty of CIOs is in fact to promote the systems so that they could really detect fraudulence, taking a look at patterns, checking out reps, dummy employee or dummy transactions. Lots of firms make use of transactions on their systems."

"Technology is the difficulty before a CIO. Modern technology actually is the assistance. The difficulty is in the human. No matter what you do, you can always work outside the system. The CIO's duty is to ensure that absolutely nothing occurs outside the system. Then the system could sustain that," he said.

The subject is just how you could assist stop scams. Business set up systems, all the auditors ask whether you are complying with systems. If you can refrain, you can not recognize patterns.

For example, occasionally in sales division, you could produce a dummy customer and make the transaction coming with this dummy customer. This customer is not a real customer. The beneficiary could be the staff himself.

Normally, in a company everyone has to collaborate, with the financing division, or procurement or human capital. The CIO needs to lead that. He is accountable to produce the society of actually discovering and preventing fraud.