Online Fraud Detection on How and why people commit efraud
Pressure, opportunity and rationalization form the fraud triangle, which information technology security experts now believe are reasons why people commit electronic fraud.
Also, the people factor in e-payment fraud is increasing, with greed said to be responsible for 67% of fraud cases in 2015, while other causes included problems from debts and gambling, according to Dele Adeyinka, chief digital officer, Wema Bank Plc.
In a presentation, at 7th annual payment systems & fraud conference held in Lagos recently, Adeyinka, said that explanation behind fraud needs to take account of various factors, particularly, from the fraudster’s perspective.
He cautioned that individuals, financial institutions, other corporate bodies and the Government, must take serious the motivation of potential offenders; conditions under which people can rationalize their prospective crimes away and opportunities to commit crime(s); technical ability of the fraudster and expected and actual risk of discovery after the fraud has been carried out, as practical steps to nib in the bud e-payment frauds.
“A common model that brings together a number of the reasons why people commit fraud is the Fraud Triangle. This model is built on the premise that fraud is likely to result from a combination of three factors: perceived pressure; opportunity and rationalization.
“Perceived Pressure: typically based on either greed or need. Greed is said to be responsible for 67% of fraud cases in 2015. Other causes included problems from debts and gambling.
“Opportunity: Fraud is more likely in companies where there is a weak internal control system, poor security over company property, little fear of exposure and likelihood of detection, or unclear policies with regard to acceptable behaviour. Research has shown that some employees are totally honest, some are totally dishonest, but that many are swayed by opportunity. Rationalization: Some people may be able to rationalize fraudulent actions as: necessary– especially when done for the business; harmless –because the victim is large enough to absorb the impact and justified- because ‘the victim deserved it’ or ‘because I was mistreated,’” he said.
Also speaking, Kyari Bukar managing director of CSCS, highlighted the need for the industry to take a closer look at the block chain Technology, Internet of Things (IoTs) and big Data analysis.
He averred that the future of payment lies in harnessing the benefits these latest technologies bring, especially in the fight against fraud.
Speakers at the conference which had over 200 high level participation from top industry experts and public sector including the Nigerian Naval Force, FRSC, members of CeBIH, ISSAN, CCCOBIN, E-PPAN, commercial banks, E-payment providers, media houses, IT organizations, research firms, academia, audit firms, mobile payment service providers, government agencies, etc, agreed that to tackle e-payment fraud, emphasis must be on the ‘people, process and technology’.
Harmony Chinese Takeaway Review: Giving you a lovely Chinese cuisine
Bournemouth is such a lovely town and Southbourne, its suburb, is beautiful as well. And within Southbourne lies a Chinese takeaway that most people loved, it is the Harmony Chinese Takeaway. The foods were freshly prepared and were piping hot even when you got home. Experience their well-known generosity with their delicious cuisine with large sized portions.
There will come a time where you will find Harmony Chinese Takeaway in a busy state and you will have to wait a few more minutes for your order, but it's certain that all will be worth once finished. Every staff was polite and friendly and you won't encounter any major problems with them.
For many years, several people have been eating on this takeaway and Harmony hasn’t faced any major complaints yet with regards to its food and service. The food was cooked within the right amount of time and was remarkably tasty. Travelers were amazed and view Harmony as the best-kept secret in the town of Bournemouth.
Every visit is worth your money and you'll never be disappointed. People are attracted to Harmony Chinese Takeaway's traditional Chinese takeaway and affordable yet delicious foods. Its effort in providing lovely Chinese cuisine is admired by locals as well as tourists.
Customers can't help but to come back again after trying out the food of Harmony. Reviewers claim that every meal was such a lovely experience. The staff was always working hard to provide the best to their customers and it's evident in their welcoming service and top quality food.
It was also considered as an excellent Chinese takeaway shop and the people appreciate its simple surrounding. They also make sure to provide a prompt service even if they were swamped with lots of orders.
Every family could enjoy the food of this beautiful takeaway. Harmony is head and shoulders above the rest of takeaways in their town, from its staff to its food, everything is at its finest.
Apple and SAP Partnership: An intelligent move to the future
We at Pro Axia Consultants Business Consulting Group in Osaka, Tokyo, Nagoya, Japan considers this partnership as a worthwhile move for both firms. Both are gigantic and can produce a lot of innovative developments and improve business value as well. We are already expecting a lot of good things to happen because the reliable user experiences of Apple along with the great end-to-end business process and software of SAP could be a smart move towards a more innovative future.
We can see that this partnership could lead companies and developers to build great change in the digital world. Different opportunities await us and there will be a transformation in the mobile work experience of customers. Excellent business applications will also be created as well as opening potential for their joint customers.
We found out that SAP is creating a lot of new and native iOS industry apps for core business processes. This is to enable customers to completely leverage the data in their SAP enterprise systems and to revolutionize how they run their business anywhere. We know that the kind of capability that powers a digital enterprise is being able to obtain mission-critical information, reports, and data without being tied to your desktop.
We learned that SAP is beginning with industries that have a high demand for consumer applications. The said firm is also offering their community of developers with advanced tools and training to build, extend and run a new class of native iOS applications using the HANA Cloud Platform (HCP). Developers will then get access to the power of HANA in the cloud.
It's a good thing that you don't need to be a developer to alter an existing SAP application because HCP allows you to do it. Through SAP HCP SDK for iOS, together with training for developers to native iOS apps, we believe that companies and developers can easily create their own native apps for iPhone and iPad.
We also found out that this partnership can provide developers with a SAP Fiori for iOS design language based on SAP Fiori UX adapted for iOS, including reusable design components and building blocks to enhance the development of reliable and excellent UI design.
Connecting millions of developers, customers, SI partners and ISV partners needs SAP and Apple to build together a SAP Academy for iOS to complement the SDK, and to curate and educate their combined ecosystem. Both firms can gain benefits from sharing the knowledge of technical expertise and design skills for native iOS app development.
SAP/Apple collaboration will also make it easier to consume and leverage your organization's most crucial data on their iPhone and iPad devices. We learned that through HANA, SAP's enterprise computing platform can allow customers to constantly access their data each day and acquire significant information.
The world we live in requires newer and faster methods to perform a task, access data and do our jobs, and this is what this partnership is aiming for. Being able to access accurate and real-time data is revolutionary. Mobile apps on iOS will make digital transformation even more prevalent across different enterprises. We at Pro Axia Consultants are confident that this partnership will lead to several helpful innovations.
APPLIED CONSULTANTS, INC. – Brief Project Review
M3 Midstream – Marcellus Shale: Applied Consultants has supplied Inspection for the Greenfield project for M3 Midstream in the Marcellus Shale. This project consisted of 120 miles of 24” Transmission Pipe with numerous lateral lines. The project also consisted of 2 Compressor Stations and 2 CDP’s as well as multiple HDD’s. This system is located in the remote areas of West Virginia and South West Pennsylvania. This is the first footprint for M3 in the Marcellus Shale. This project has transitioned into the Utica with Applied supplying Inspection personnel on several large Plants and pipeline projects. Applied currently has 94 Inspectors working for M3 Midstream and M3 Utica.
Pioneer Natural Resources – EFS Midstream/Eagle Ford Shale: Applied has provided inspection and engineering services to this green field project since July 2010. With Applied’s assistance, EFS Midstream was able to in quickly develop their position in the Eagle Ford trend almost 6-8 months ahead of any of their competitors. Applied currently has approximately 50 employees working in various roles on this project. To highlight this effort; six (6) large Central Gas Processing (CGPs) facilities were engineered, constructed and brought on line within 12 months. Each of these facilities consisted of 150 gpm amine plants, glycol dehydration units and 5000 bpd condensate stabilization units. Custody transfer services were also provided at these facilities for both gas and condensate. 300 miles of 8” and 12” pipelines have been laid with numerous bores, including bores under the San Antonio River and Interstate 37. This is an on-going project that continues to keep EFS Midstream as the major contender in this trend.
Hawk Field Services/Haynesville Shale Play: Applied has effectively delivered inspection and engineering services to Hawk in a grass-roots movement to develop their position in the Haynesville play since August 2008. To support the ensuing multitude of projects, Applied currently has 54 Inspectors working on these projects in the Haynesville for Hawk Field Services. Highlighted projects during this period are 59 miles and 43 miles - 16” pipelines including 2 Red River bores with an additional 65 miles of pipeline. Our inspectors also managed the installation of several meter facility interconnects to transmission lines with a collective takeaway capacity of some 685MMCFD. Applied’s engineering staff has worked or is working on the design, drafting and installation of 7 amine plants that will total approximately 1300GPM when all are complete.
Mark West/Oklahoma: The construction of a 50 mile - 24” gas pipeline began January of 2009 originating in Colgate Oklahoma and ties into Gulf South’s system near Bennington, Okla. Applied’s construction inspection services for this project and others have required a maximum level of some 40 inspectors and field staff. This project completed in June of 2009.
Energy Transfer/Barnett: Applied has worked throughout the Barnett for many years and for many companies. We have worked on several projects for ETC over this time period furnishing both inspection and engineering assistance. Some of the ETC projects Applied has furnished inspection services for are:
1) 21 miles of 36” Tolar to Cleburne including a power plant lake bore;
2) 54 mi of 24” Cleburne to Springtown; and
3) Numerous gathering interconnects in NW Barnett of some 100 miles.
Encana: Applied provides various inspection services for Encana throughout the US. Some of the inspection disciplines include:
1) Monitoring new construction for pipelines, plants, compressor stations and measurement facilities.
2) Inspection of DOT system upgrades for class location changes;
3) Injection facilities; and
4) A host of misc maintenance projects.
Our inspector staffing has routinely been between 10 to 70 Applied employees, depending on work load, for the last 3 years lending a definite level of consistency to desired goals achieved.
GMX Resources/Haynesville & Cotton Valley: Applied’s engineering department conducted detailed design for a 500MMSCFD, 18 unit single-stage Cat 3608 (2300HP) compressor station and will serve as project manager for the construction. The project also included six inlet pipelines, inlet separation, compression, SulfaTreat and four outlet pipelines. Applied also supplied design, engineering and pipeline inspection for six miles of 12” and 16” pipelines. Our contribution included project management, site plan, plot plan, foundations, P&ID, equipment specifications, piping design, and complete 3D compressor, vessel and piping drawings. The piping drawings included plan & elevation drawings, bill of materials and isometric drawings.
Tristate Midstream/Haynesville: Applied has provided plot plan & P&ID as-built drawings for six (6) compression, treating and dehydration facilities. We also provided the design and engineering of a 40 MMSCFD treating and dehydration facility. Engineering included project management, site plan, plot plan, foundations, P&ID, piping design, complete 3D vessel and piping drawings. The piping drawings included plan & elevation drawings, bill of materials and isometric drawings. We have also provided all the inspection services for these projects.
TGG Pipeline/Haynesville: Applied served as project manager providing engineering design and inspection services for a 12” HDD of the KCS Railroad along with 4.5 miles of 36” header pipeline. We also conducted the initial permitting process for a 36” dry bore of the same railway. Applied’s engineering department is presently providing the same services for a 23 mile extension of the pipeline and a 500MMSCFD, 4 unit Cat 3616 (4735hp) compressor station with treating and dehydration capability including 5 inlet pipelines and 3 sales connects. Engineering services include the complete basic design package (including those attributes noted in the GMX and Tri-State narratives above) as well as construction specifications to include a RFP for construction of the station.
TGG Pipeline/Haynesville: Included in the Basic Engineering Package are:
o Design Basis
o Block Flow Diagram & Plot Plan
o Specs for Eqpt, Piping, Elec, & Const.
o Project Schedule
o P&IDs
o Data for environmental permits
o Electrical One-Line Diagram & Plot
o Equipment List
o Instrument List
o Foundation Design
o Piping Drawings
o Bill of Materials
o Electrical Area Classification
o Power & Grounding
Petrologistics: Applied has served as project manager providing inspection services for 35 miles of 8” & 12” gas pipeline. Applied has also Project Managed and inspected over a Depropanizer plant that was built for around $46 million dollars. We have had as many as 35 inspectors and field staff with Petrologistics at one time to complete their projects.
Crosstex Energy: We have worked on several projects for Crosstex over the last 4 years furnishing both inspection and engineering assistance. Some of the Crosstex projects Applied has furnished inspection services for are:
1) 12 miles of 20” West Weatherford Loop Line
2) 10 miles of 8” & 10” Benbrook Line
3) Numerous ESB Systems and Compressor Stations
Chesapeake Energy – Barnett, Haynsville, Eagle Ford, Marcellus Shales: Applied has provided inspection and engineering services to Chesapeake in these main shale’s but also in several other remote locations. Applied Consultants has become a valued client of Chesapeake’s and has helped build gathering systems, Plants, Compressor Station, Meters, etc. Currently we have over 120 inspectors working throughout the United States for Chesapeake and still growing.
CHANGING THE ENERGY LANDSCAPE IN CENTRAL AMERICA
Central American residents pay nearly twice as much to keep their lights on as do their neighbors in South America. The high energy costs hurt the region’s businesses and its residents, hampering job creation and making it harder for people to improve their lives.
Soaring electricity rates have long burdened Central America, as the region is highly dependent on imported fossil fuel and at the mercy of fluctuating oil prices. At the same time, rising demand is putting pressure on the region to expand its capacity to generate electricity. It is crucial that the region develop alternate power sources to lower costs, ease the reliance on fuel imports, and reduce carbon emissions.
To tackle this challenge, IFC has supported private sector developers and financed a series of projects in the region—building on our decades of experience in supporting electricity generation, transmission, and distribution upgrades in developing countries.
The latest one is AES Colón—Central America’s first integrated plant that generates power from liquefied natural gas. In July, we completed a $150 million financing package for the construction and operation of the 380-megawatt plant, which will help mitigate the risk of electricity shortages while introducing a clean, cost-effective, and reliable energy source
CUTTING CARBON EMISSIONS
Natural gas—a cheaper and cleaner alternative to fossil fuels—holds great potential as a source of energy in Central America. The region currently relies on heavy fuel oil and diesel for over 40 percent of its installed generation capacity.
Over the past decade, Central America struggled to get natural gas projects off the ground. These plants demand large investment, and the energy markets in the region were not big enough to attract investors. As a whole, Central America has roughly the same capacity to generate electricity as Colombia, further south.
IFC is helping to change that. Located on Panama’s Atlantic coast, AES Colón includes an onshore terminal where liquefied natural gas is regasified to feed the power plant. The facility is sponsored by AES Corporation and Panama-based Motta Group.
By its third year of operation, AES Colón is expected to generate 2,100 gigawatt hours of power which would otherwise be produced using heavy fuel and diesel. This will represent a reduction of about 1 million tons of carbon dioxide emissions each year—the equivalent of taking more than 200,000 cars off the road. Once operational, the project is expected to reduce Panama’s carbon dioxide emissions by about 4 percent.
In addition to reducing carbon emissions, natural gas complements renewable energy by ensuring a steady supply of clean power that is able to balance the inherent variability of wind and solar energy.
POWER FOR SUSTAINABLE GROWTH
Since 2010, IFC has supported the implementation of over 900 MW of new renewable energy capacity in Central America, including 215 MW of wind and 215 megawatt-peak of solar photovoltaic projects, helping offset a slowdown in the construction of hydropower projects in the region.
In Panama, we have provided a $300 million financing package for the Penonome wind power plant, the largest wind farm in Central America. The project is expected to generate the equivalent to 5 percent of the country’s total energy demand. In Honduras, we have recently supported three of the first large-scale grid-connected solar projects in the country.
In Costa Rica, the Reventazón 305-MW hydropower plant we are supporting will bring light to half a million homes. In recent years, we have also financed a 72-MW geothermal plant in Nicaragua and 123 MW of run-of-the-river hydroelectricity projects in Panama and Honduras—where little or no water storage is necessary.
From Panama to Costa Rica through Nicaragua and on to Honduras, new renewable and clean-energy projects are helping transform Central America’s energy landscape and demonstrate that the region can develop the power infrastructure it needs to grow sustainably.
Human Capital Alliance Inc, Thailand, Singapore: Creating Valuable-Enhancing Boards
Human Capital Alliance managing director Edwin Sim looks at optimizing Board of Directors strategies.
Assembling a Board of Directors that can optimize value-creation is a critical sustainability element for all Thai companies.
A recent McKinsey Global Boards survey indicated that most respondents believed their impact was high or very high.
Spending more time
McKinsey’s Global survey also showed across-the-board increases in the time that directors spent on board work (averaging 33 days).
In many cases, board members are spending 50 days or more per year on board work, either due to regulatory pressure or because the time required to do a good job is usually more than they initially expected.
Time spend on strategy rising
Most board members said their biggest contributions and most time spent was on evaluating company strategies.
Directors spent an average of nine days per year on strategy, the greatest amount of time across the numerous areas tested.
“Indeed, directors are almost twice as likely to say their boards are more effective at strategy than any other area of their work; they report the least effectiveness at organizational health and talent management.”
Average boards only spent about three days a year considering organizational health and talent management.
Actions, dynamics and self-perception important
Top performing or striving board of directors stood out in many ways.
They reported exceptionally strong cultures of trust and respect, wherein Board members and management constructively challenge each other.
Continuous feedback mechanisms were also critical.
Top performing boards also regularly conducted evaluations, and asked for additional inputs after each meeting.
Identifying patterns
To gain a deeper understanding of how boards create value, the study identified patterns between directors’ assessments of the board’s overall impact, effectiveness at executing specific tasks, and the way the board works.
Most successful boards must be effective at individual tasks, maintain trust-based challenging board cultures that embrace feedback, and aim to improve continuously.
Healthy boardrooms
Effective and well-rounded boards must have strong board dynamics. Trust and respect cultures are vital to healthy boardrooms.
An effective chairperson, that runs meetings well, establishes a culture of trust and constructive discourse, and invests in training, development, and feedback is also an important board dynamics ingredient.
Good leadership, the survey said sets the tone for the board as a whole and can set the stage for a more effective, value-enhancing boards.
Ineffective boards
Less than half of the ineffective boards studied, reported cultures of trust and respect in the boardroom. Moreover, many directors said they were forced to seek information on their own and less than one per cent received sufficient induction training.
Hill & Associates Ltd, Fraud Prevention & Integrity Risk Management, Corporate Intelligence: Contact Us
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