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Courageous Whistleblowers Reclaim Derogatory Terms As Data Shows 80% of Financial Professionals Stay Silent on Suspected Internal Fraud, Fearing Retaliation
- Enron whistleblower, Sherron Watkins, alongside stars of Apple TV’s The Big Conn, Sarah Carver and Jennifer Griffith, reclaim derogatory labels for whistleblowers
- Concerning new data shows more than half of financial professionals in the UK and US have spotted or suspected internal fraud in their workplaces, yet four out of five stay silent fearing retaliation
- 32% of professionals in finance have seen whistleblowers victimized behind their back or to their face
JACKSONVILLE, Fla., May 22, 2024 /PRNewswire/ — New data from fraud detection software company Medius shows more than half of financial professionals in the UK and US (56%) have spotted or suspected internal fraud in their workplaces yet four in five (81%) stayed silent. When asked why, 45% of professionals cited the fear of recrimination.
Whistleblowers Sherron Watkins, Sarah Carver and Jennifer Griffith have joined forces to reclaim the derogatory names they were called after reporting serious internal financial fraud.
To help empower others to come forward, the whistleblowers are reclaiming the terms “snitch”, “rat” and “traitor”.
Sherron Watkins is the former Vice President of Enron Corporation who alerted the CEO to accounting irregularities, warning the organization “might implode in a wave of accounting scandals.” Watkins received national acclaim for her courageous actions and TIME magazine named her along with two others as their Persons of the Year in 2002, calling them simply ‘The Whistleblowers.’
Sarah Carver and Jennifer Griffith are the stars of Apple TV’s The Big Conn after they exposed a fraud scheme of more than $550 million while employed at the Social Security Administration. In efforts to silence their disclosures, they experienced multiple acts of severe retaliation and were denied protection. Ultimately, both Carver and Griffith were forced from employment.
Concerns of repercussions are vindicated – the survey reveals the extent to which financial professionals in the UK and US have witnessed negative consequences for whistleblowers firsthand:
- 59% have seen whistleblowers subsequently left out of important decisions
- 33% have seen whistleblowers moved to a different team
- 32% have heard whistleblowers called derogatory names behind their backs or directly to their face
When asked what would encourage them to flag suspicious activity, 93% of workers surveyed would feel more comfortable doing so if they had more evidence, yet nearly half (48%) said the legal system simply does not adequately protect whistleblowers.
Jim Lucier, CEO at Medius, a leading global provider of cloud-based accounts payable automation and spend management solutions, said:
“White collar crime is on the rise and no organization is safe. Employees are the last line of defense against fraud but confidence to report suspicious activity is declining. AI anomaly-detection technology can provide employees with the evidence and assurances they need to be more forthcoming. Building a culture where employees feel comfortable to report their suspicions could save organizations millions in the long-run.”
Medius works with over 4,000 customers across 102 countries and processes $200 billion in annual spend. It uses the power of AI and automation to detect fraud, the moment invoices are submitted safeguarding against bad actors and potential threats, internal and external.
Sherron Watkins, whistleblower who was called a “snitch” said: “When someone is troubled by corporate wrongdoing and they attempt to sound the alarm, the pathway is uncharted, things happen organically. Normal rational people speak about their concerns with their closest friends and work colleagues, who often suggest staying safe saying “keep your head down, if you must report, go soft, nothing black and white.” Yet black and white evidence is what is needed to get the attention of those in power, either internally or with media or outside watchdog groups to prevent or stop fraudulent activity.”
Jennifer Griffith, whistleblower who was called a “traitor” said: “Choosing to blow the whistle involves more than just the desire to right a wrong. It’s about protecting their employers from fraud. However, it’s more often than not seen as causing trouble for the employer, or as a self-serving action to get a financial reward. No one who chooses to blow the whistle expects to have their reputation attacked, their credibility impugned or to lose their job. The cost of ignoring a whistleblowers complaints are far greater than acknowledging that a problem exists and taking steps to fix it. It’s been 19 years since I blew the whistle and the problems that existed then with the Social Security Administration still exist today. We must do more to protect whistleblowers.”
Sarah Carver, whistleblower who was called a “rat” said: “The government’s attempt to conceal the fraud resulted in exacerbated damage, whereas a more prudent approach would have entailed immediate acknowledgement and rectification upon initial disclosure. The retaliatory measures aimed at silencing me made me stronger and fight harder to find someone to listen and stop the fraud.”
The billboard advertising campaign runs on Wall Street from Saturday, 18th May to Friday, 24th May 2024.
For more information about how Medius can prevent fraud, visit: https://www.medius.com/whistleblowing/
For more information, please contact:
Fight or Flight for Medius
[email protected] / +44 330 133 0985
This information was brought to you by Cision http://news.cision.com
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CapitaLand Investment Further Increases Focus on Reducing Scope 3 Carbon Emissions as Part of its Decarbonisation Journey
CLI continues to intensify efforts to reduce Scope 1 and 2 emissions through on-ground actions and innovation
SINGAPORE, June 15, 2024 /PRNewswire/ — CapitaLand Investment Limited (CLI) has incorporated three new Scope 3 categories deemed material to its operations – Purchased goods and operations, Fuel- and energy-related activities, and Upstream transportation and distribution – and expanded the scope of the Capital goods category following the latest review of its full inventory of Scope 3 emissions, emissions hotspots and key decarbonisation levers across its value chain, as detailed in its 15th Global Sustainability Report. CLI also bolstered its reporting in existing categories, such as tenant consumption, enabling improved initiatives with tenants and the supply chains. The widened scope reaffirms CLI’s commitment to action on its sustainability targets and a focused execution progress charted by its 2030 Sustainability Master Plan (SMP).
Mr Vinamra Srivastava, CLI’s Chief Sustainability and Sustainable Investments Officer, said: “Tightening our focus on Scope 3 emissions is crucial because they account for the majority of CLI’s total greenhouse gas emissions. With tenant emissions being the largest contributor to Scope 3, we are pleased that we have increased green leases with tenants in China and Singapore to 57% as at end Dec 2023 from 43% a year ago, and we’ll continue to do so globally. We are stepping up collaboration with tenants and working to strengthen our supply chain management through various initiatives such as piloting sustainable building innovations crowdsourced from our global CapitaLand Sustainability X Challenge (CSXC) and deploying a series of environmental, social and governance (ESG)-related capability-building programmes for selected critical suppliers in a third-party due diligence ESG check we commissioned. In 2023, upon completion of the programme, these supply chain vendors achieved an improved ESG score. Our continuous focus on sustainability through on-the-ground actions and reporting addresses our vision of being the preferred global real asset manager creating sustainable positive impact.”
Intensified efforts to reduce Scope 1 and 2 emissions
In addition to expanding its Scope 3 emissions disclosures, the report highlights its progress in reducing its Scope 1 and 2 emissions intensity and managing climate-related risks as it strives towards its Net Zero targets. It expanded its renewable energy deployment by commissioning its first captive 21-megawatt solar power plant in Tamil Nadu, India, to power its assets there. The expanded use of green energy to 44 properties in Singapore, China, India, Australia, Belgium, Germany, India, Japan, Indonesia and the United Kingdom, as well as ten business parks in India, also mitigated a total of 41,000 tonnes of carbon emissions, equivalent to the annual emissions of over 8,900 petrol-powered cars. CLI will continue to scale up its renewable procurement efforts, further advancing its transition to clean energy sources and reducing the carbon footprint of its assets.
Through asset enhancement initiatives (AEIs), CLI achieved a 13.4% energy intensity reduction against 2019 despite a growing portfolio. With 60% of buildings in its global portfolio attaining green ratings in 2023, CLI targets to achieve 100% certification by 2030. Furthermore, 46% of CLI’s properties were certified LEED Gold and above or equivalent.
Earlier this year, CLI also published its first Climate Resilience Report based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The report incorporates a climate scenario analysis of 480 properties across 20 countries and various asset classes, emphasising CLI’s recognition and transparency regarding the urgency of climate action.
Innovation as a key lever in the decarbonisation journey
In 2023, CLI partnered with tenants for the first time to testbed innovations from its CSXC at their premises. CSXC has seen more pilots focusing on reducing energy and water consumption. Ten shortlisted innovations from CSXC 2023 are being piloted in four countries, bringing the total tally to 30 innovations across seven countries since 2021. Initiatives such as the CSXC and the CapitaLand Innovation Fund (CIF) demonstrate how innovation and sustainability partnerships play a key role in CLI’s decarbonisation journey.
Leadership in fund management and sustainable finance
As CLI pivots towards global real asset management, it is committed to integrating ESG considerations into every stage of its fund management lifecycle. Guided by the 2030 SMP, CLI develops customised ESG strategies that ensure funds adhere to the highest standards of responsible investing—from fund product development to capital raising, investments, asset management and exits. CLI conducts a comprehensive Environment, Health, and Safety (EHS) Impact Assessment for every new investment to ensure sufficient capital expenditure is allocated to the identified asset to attain the desired ESG outcomes.
CLI aims to be a leader in sustainable finance, which is made possible through valued strategic partnerships with financial partners. In 2023, CLI and its listed real estate investment trusts (REITs) and business trusts secured S$4.5 billion in sustainable finance, bringing the total to S$16.1 billion since 2018. Interest savings from sustainability-linked loans were channelled back into decarbonisation investments.
CLI’s carbon mitigation efforts recognised by leading global indices
Through strategic initiatives aimed at reducing its carbon footprint across its operations, implementing innovative solutions, and embracing renewable energy sources, CLI has significantly mitigated its environmental impact while enhancing operational efficiency. These proactive measures, alongside efforts taken to publish robust reports detailing actions and findings, have earned CapitaLand recognition in prestigious global sustainability indices such as the Dow Jones Sustainability World Index for the 12th year and achieved a five-star rating from GRESB Real Estate Assessment for eight years. Such inclusion underscores CLI’s dedication to environmental stewardship and reinforces its position as a frontrunner in the sustainable real asset management sector.
About CapitaLand Investment Limited (www.capitalandinvest.com)
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 March 2024, CLI had S$134 billion of assets under management as well as S$100 billion of funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics, self-storage and data centres.
CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and commercial management, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand’s development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for Scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
Follow @CapitaLand on social media
Facebook: @capitaland / facebook.com/capitaland
Instagram: @capitaland / instagram.com/capitaland
Twitter: @capitaLand / twitter.com/capitaland
LinkedIn: linkedin.com/company/capitaland-limited
YouTube: youtube.com/capitaland
Issued by: CapitaLand Investment Limited (Co. Regn.: 200308451M)
Important Notice
This announcement and the information contained herein does not constitute and is not intended to constitute an offering of any investment product to, or solicitation of, investors in any jurisdiction where such offering or solicitation would not be permitted.
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Stake, a New York-based fintech specializing in cashback and banking services for renters, has acquired rent payments platform Circa for $9.5 million in a combination of cash and stock.
Finalized earlier this month, the acquisition integrates rent incentives with comprehensive payment solutions, enabling Stake to introduce integrated delinquency and collections management through its Get Current feature.
Get Current, described as a pioneering solution in the industry, is a flexible payment system supported by a human-led CRM. It aims to “empower and incentivize” renters to pay overdue rent.
Additionally, Circa’s payment technology has been incorporated into Stake’s renter banking services platform. This enhancement allows renters to utilize a “wide range of payment methods,” including no-fee ACH, debit/credit cards, and a no-fee cash rent payment network with 40,000 locations across the US.
Founded in 2018, Stake claims to integrate seamlessly with “all the leading property management software companies” and offers the rental sector a comprehensive suite of solutions for renewals, delinquency, leasing, and now collections.
Stake’s platform provides several benefits, including cashback for on-time rent payments, early access to paychecks without accruing debt, credit building and reporting, and no-fee rent payments.
Commenting on the merger, Leslie Hyman, CEO and co-founder of Circa, said: “With Stake, renters are rewarded with Cash Back. With Circa, renters in arrears are empowered with the tools to get current.
“Together, it’s a perfect combination: performance payments meet performance rewards, with a shared mission to empower renters.”
Source: fintechfutures.com
The post US rental fintech Stake acquires Circa in $9.5m deal appeared first on HIPTHER Alerts.
The Central Bank of Kenya (CBK) is updating the country’s payment systems law to enable it to issue operating licenses to fintech startups. Governor Kamau Thugge anticipates completing the amendment process soon.
Central Bank Aims to Support Fintech Startups
The CBK will soon start issuing operating licenses to fintech startups, including two Nigerian payment firms, Chipper Cash and Flutterwave, which are currently seeking licenses. Governor Kamau Thugge announced that the bank is amending the National Payment Systems Act of 2011 to allow fintech firms to operate legally.
According to a Techcabal report, the issuance of these licenses would be a significant boon for remittance firms and payment providers, which have previously faced investigations and raids by regulators. For instance, the Nigerian fintech giant Flutterwave had its bank accounts frozen by the Asset Recovery Agency after the then-CBK Governor Patrick Njoroge accused it of operating in Kenya without a license.
As a result, on July 9, 2022, the CBK issued a letter to CEOs of Kenyan financial institutions advising against transacting with Flutterwave and another Nigerian fintech startup, Chipper Cash. However, the CBK has since softened its stance, and authorities are now working to accommodate fintech firms.
“We are in the process of updating and amending the Payments Act, essentially creating a new act. We hope to finish this soon, along with the regulations, which will guide our approach to the payment service providers space,” Governor Thugge stated.
The report explains that the proposed amendments to the National Payment Systems Act aim to address a loophole that has hindered the growth of Kenya’s fintech sector. If enacted, these changes would enable fintech startups to compete with traditional financial institutions that currently dominate the industry.
Source: news.bitcoin.com
The post Kenyan Central Bank to Issue Licenses to Fintech Firms appeared first on HIPTHER Alerts.
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