Fight fraud with six levels of authentication

I REFER to the article, "In audits, if something feels wrong, it probably is" (BT, Nov 21), especially the point "One example of a tool that supports such objectives is the multi-factor authentication that is ubiquitous in e-commerce".

I believe this is the panacea that could help detect fraud and, more importantly, prevent deception due to collusion by executives. All must remember it is not the responsibility and role of external auditors to detect fraud.

Many major commercial frauds like at China Aviation Oil and the latest one at OW Bunkers could have been prevented if there were not just three but six levels of authentication. However, we are aware that too tight a control will stifle commercial enterprise. Some will say there are a thousand and one ways for top management or employees of a company to conceal, cheat and deceive the investing public, some of whom are CPF members. It affects the creditors, too, causing a chain effect. Many mutual funds, CPF members' nest eggs and their hard-earned money invested in good faith could be exposed in public listed companies (PLCs), which could go bust any time as a result of unscrupulous executives. This must be urgently fixed.