The International Compliance Association (ICA) is a professional membership and awarding body. ICA is the leading global provider of professional, certificated qualifications in anti-money laundering; governance, risk, and compliance; and financial crime prevention. ICA members are recognized globally for their commitment to best compliance practice and an enhanced professional reputation. To find out more, visit the ICA website.
The legacy of the Covid-19 pandemic, a global lack of goods and materials, and Russia’s war in Ukraine have each combined to produce a cocktail of economic woes that is proving hard to swallow. Add to this underlying anxiety regarding the climate.
Whether this conveyor belt of crises is unique to our age or is the permanent nature of human affairs is anyone’s guess. What we do know is there is a significant minority who will act to rescue or improve their financial health. Just as fraud grew during the pandemic, so will it now flourish with prices at historic highs.
One could argue this is due, in part, to fatigue: constant vigilance against a plethora of threats, abetted by advantageous conditions like the pandemic, takes its toll. This is a problem, and we need smart thinking to prevent morale from being sapped by wave after wave of novel fraudulent activity.
Whether this is the reason fraud is rising so fast or not, there is little doubt it is. The question is just how widespread this will prove to be and what can be done to help…
