With blockchain technology, financial fraud will meet its Waterloo
About R60-trillion each year is lost worldwide to fraudsters, with around 77% of SA’s organisations falling victim yearly as criminals always use technology that's ahead of the regulators
In early 2009 Bernie Madoff pleaded guilty to the largest Ponzi scheme in world history and the largest financial fraud in US history. Over the course of nearly three decades, the financier turned career criminal had stolen billions of dollars from investors by way of deceit and using fraudulent financial reporting.
While no-one has managed to eclipse Madoff in the intervening years, fraud remains a widespread problem in the finance industry. In SA alone some 77% of organisations have fallen victim to fraud, with the global economy suffering losses to the tune of R60-trillion annually.