The City of Regina is going over its fraud prevention training and processes. This comes after the city of Saskatoon lost $1 million to a fraudster posing as a construction company executive.
Regina’s Director of Finance June Schultz talked about how she can’t go into full details on their fraud procedures, but they use a three-pronged approach of people, processes and technology because not one strategy stops all types of fraud.
“We regularly look at the best practices from the accounting, banking or audit industries to better understand the systems we have,” said Schultz.
For the city, fraud prevention and protecting the city’s assets is always top of mind, but the situation that occurred in Saskatoon was a good opportunity to have another discussion on their strategies once again.
However she admits even the Queen City is not immune to fraud risks like that. Schultz said there are people who have tried to gain access but have not succeeded.
“The threats are evolving so we need to make sure we’re evolving to protect the assets.”
