Rahman Ravelli outlines the importance of effective fraud prevention

Reports of a huge financial scandal involving metal shipments have prompted Rahman Ravelli to write a piece about why fraud prevention is so important.

In this piece, which was published by Security Matters, Rahman Ravelli detail how the commodity trader Trafigura came to allege it was the victim of fraud involving shipments of nickel it bought that contained no traces of the metal.

Rahman Ravelli explain that the situation can be viewed as a lesson in the importance of effective fraud prevention. They emphasise that fraud prevention is essential for all businesses – and that it needs to be conducted appropriately.

Rahman Ravelli add that this requires taking all possible steps to assess the potential for wrongdoing being committed by staff, third parties, intermediaries, customers, trading partners and anyone else with a connection to the company.

They state that fraud prevention cannot be achieved without a company taking the time and effort to examine its working practices and identify its vulnerabilities to fraud.

The full article can be read here.

Featured at: Security Matters