Keeping your guard up in a not quite cashless world

AS SOCIETY moves towards a cashless future, following a surge in digital payments during the pandemic, some might assume that cash mishandling would become a thing of the past. Yet, recent headlines tell a different story.

In recent news, an ex-constituency director was jailed for misappropriating over S$12,000 in National Day dinner ticket sales; a police officer pocketed over S$90,000 worth of cash entrusted to him when he was an investigation officer; and a man who was responsible for managing the operations of some Kopitiam outlets embezzled cash totalling S$149,800 to fund his gambling addiction.

How do such incidents occur?

In today’s dynamic business landscape, effective internal controls over cash management remain crucial. Cash is the lifeblood of any organisation, vital for both day-to-day operations and supporting future growth. However, its liquidity also makes it vulnerable to fraud, mismanagement, and error.