n IMFO : Official Journal of the Institute of Municipal Finance Officers - Electronic funds transfer fraud is rampant in Municipalities throughout South Africa
|Article Title||Electronic funds transfer fraud is rampant in Municipalities throughout South Africa|
|© Publisher:||Institute of Municipal Finance Officers (IMFO)|
|Journal||IMFO : Official Journal of the Institute of Municipal Finance Officers|
|Publication Date||Spring 2009|
|Pages||24 - 25|
Fraud and corruption affects every sphere of business activity in South Africa. Municipalities with limited segregation of duties and poor control environments have become soft targets for both corrupt employees, as well as sophisticated fraud syndicates, who are able to commit this type of fraud with amazing alacrity and ease. The result of fraud committed by either of these threats can culminate in unsustainable losses of millions of rands within disturbingly short periods of time.
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