Arusha — ORGANISATIONS and institutions should detect red flags of fraud before suffering serious financial losses since fraudsters have become more inventive not only in Tanzania but throughout Africa.
According to Mr Philip Urio, the President of the Tanzania Chapter for the Association of Fraud Examiners (ACFE), the racket flourishes amid inadequate separation of duties and poor controls affecting many organisations.
"Fraud is a universal challenge and continues to be a major area of serious concern in both the public and private sector," he pointed out.
He was speaking during the first ever annual conference of the Association of Certified Fraud Examiners, Tanzania Chapter, a meeting which has brought together various anti-fraud professionals from across the region.
A total of 32 participants from various public and private institutions, including Tanzania Revenue Authority, the Police, Preventing and Combating of Corruption Bureau (PCCB), financial institutions, Social Provident Fund schemes, Local Authorities and the National Housing Corporation are in attendance.
A statement from Controller Auditor General (CAG) read on his behalf by Mr Athuman Suleiman, reminded that, ACFE Tanzania Chapter should not be left to fight the international crime alone.
"State agencies such as the Police, Prevention of Corruption Bureau and other security organs should cooperate with the Association in the war against fraud," the CAG said in the statement.
The CAG also pointed out that the media, being the watchdog was also critical in uncovering acts of fraud and corruption. "This is so because news of fraud is immediately acted upon not only by the state but entire nation," he stated.
ACFE, which was established in 1988, is the Association of Certified Fraud Examiners. It serves as the professional organisation that governs professional fraud examiners. Among the ACFE activities include producing fraud information, tools and training.
The Association also governs the professional designation of Certified Fraud Examiner and so far is the world's largest anti-fraud organisation and premier provider of anti-fraud training and education.
It was stated in Arusha that together with nearly 70,000 members, the ACFE is reducing business fraud world-wide and inspiring public confidence in the integrity and objectivity within the profession.