Most company enterprises and government administrations tend to have poor communication systems that encourage corruption. Corruption, and when there are no actions taken to curb corruption from taking place, unethical deeds will happen. An attractive example is what happened with the Wirecard Company, in which some of the billions of money could be accounted for. The Wirecard Company also experienced lousy communication among the management staff, including the CEO, making it hard to give good returns.
Individual Perception of the Self-Image
The self-image of an individual determines the behavior of the person. Reasonably, the ideal of the Wirecard Company Chief Executive Officer was his perception of defrauding the client’s money, thus enriching oneself. Because the way the customers were being fabricated indicated that the CEO of Wirecard Company had his interest, hence the individual perception. Equally, very incompetent people who have instruments of power are always on a mission to enrich themselves rather than work well to improve.
Massive Data Theft is still a Typical Occurrence
Every day, fraudsters master the art of stealing hundreds of millions of email addresses. Equally, the balance the way 1.9 billion was not accounted for and could not even be well in the balance sheet, indicating massive data theft. It was massive data theft because the data on how the 1.9 billion euros were used could not be retrieved from any database. Due to technology and the fact that technology will continue to advance in the coming years, fraud will never go away. Instead, it will continue to stay intact not until data is regulated.
Customers are increasingly on Mobile
Most web payments are already mobile in several countries. Equally, this creates a vulnerability, but if merchants use it correctly, it can help to reduce fraud. Similarly, Wirecard Company does the same thing as it always carries its business and transactions online. With the increase in knowledge through google, people, especially fraudsters, will continue to learn new techniques of defrauding others, thus stealing from them.
It is Easy to Work on the Dark Web
Fraudsters are highly motivated, exceptionally well-educated, inventive, and resourceful. Reasonably, when working on the dark web, they find it easier to carry out frauds, as they cannot be noticed so easily. They collaborate and experiment with new ideas to put systems to the test. Similarly, if the break-in, the computer users are unlikely to notice for a long time. Sensibly, this is when the fraudsters do whatever they want, such as stealing from someone’s computer all the relevant materials.
Huge Fraud Targets Exist
In many E.U. countries, less than eight enterprises account for up to 70% of retail spending. Equally, this insinuates excellent mistrust between the enterprises as the employees prioritize their needs over the company. It, therefore, implies that the staff members calculate for themselves how they are going to share the remaining 30 %.
Through their poor management staff, the employees will make the firm or the company run dry and lack resources to continue operating. Fraudsters need to target a few organizations when targeting retailers in those countries. In addition, if they get inside those sites and are good, they can stay for a year or more before being discovered. Similarly, by staying for over a year in a few organizations, they will gain more access to other company businesses and thus steal more company data.
Who can Control the Fraud?
Many control mechanisms can be implemented to control fraud to help prevent scams. For instance, in the case of Wirecard Company, the accountability of the 1.9 billion euros should have been traced back if there was data back upon how the money was first transferred from the bank.
Reasonably, to control fraud from happening further, the Chief Executive Officer of the Wirecard Company should have prevented the menace from happening. If the precaution had been taken before, the accountability of the 1.9 billion euros could have quickly been brought into the balance sheet for easy auditing.