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Tom Muleya Fraud Insight
Fraud, whether ordinary or cyber, has serious negative impact on the victims of the crime. The impact of fraud goes far beyond financial losses.
Fraud impact people, industry, entities, services, and the environment, among others.
The negative impact of fraud is also felt on Government outcomes, reputation, security, business, finance and environment.
For example, in the case of Government outcomes impact, fraud can undermine the ability of the State to deliver services and achieve intended targets.
Money and services may be diverted away from those who rely on Government facilities such as people living with disability, the sick, the elderly, and the vulnerable.
This then further increases the disadvantage, vulnerability and inequality they suffer.
In the case of industry impact, fraud can result in distorted markets where fraudsters obtain a competitive advantage and drive out legitimate business.
Financial losses may lead to down scaling of employees, and cause a lot of trauma on families whose bread winners would have lost employment due to fraud.
Victim X is a business person, who recently suffered fraud attack through card cloning and lost $6 million had this to say during an interview with Fraud Insight.
Question: I understand that you recently fell victim to cyber fraudsters; can you tell me your experience?
Answer: It was so terrible; we were badly affected as a company. More so, losing such an amount of money has far devastating effects to business financial stability. Fraud also places an emotional stress because you then find yourself in a situation where you commit some of your business time to attend to the police investigators.
Question: Quite an unfortunate incident for you to have fallen victim to fraud; Now X, what do you have to say to members of the public who have not fallen victim to fraudsters?
Answer: I urge the general public and the business community to be extra cautious or vigilant because fraud happens when you do not know about it or when you are unaware.
- Fraudsters are cunning; you always need to be alert.
- Do not trust anybody, this includes people you meet at the shops when swiping for goods.
- Personal details should not be disclosed to strangers or third parties.
Yes, I think the above brief piece of advice can help prevent or minimise fraud to some extent.
The idea behind the brief interview above with victim X, was meant to have the victim’s experience, voice and perspective. The experience of X after falling victim to fraud is generally experienced by many who fall prey to fraud.
Get empowered by Fraud Insight and be part of a solution to cyber fraud. Stay tuned for other upcoming issue on cyber related fraud and prevention tips.
For your feedback, WhatsApp line: 0772 764 043, or e-mail: [email protected]. Tom Muleya is a Detective Assistant Inspector working under the Criminal Investigations Department. Harare. He is also a member of the National Cyber Security Taskforce, Zimbabwe.
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