Introduction

Cyber fraud in 2025 has taken on new forms faster, smarter, and more sophisticated than ever before. As technology evolves, so do the tactics used by fraudsters, who now leverage artificial intelligence, deepfakes, and identity manipulation to target even the most secure systems. Maintaining vigilance has never been more critical.

Global fraud continues to escalate, driven by AI-powered scams, social engineering, and increasingly clever attempts to trick people into revealing information or making unintended payments. According to the 2024 Global State of Scams Report, scammers siphoned away over USD 1.03 trillion in the past year (Global Anti-Scam Alliance & Feedzai, 2024), highlighting the massive financial impact of fraud on consumers worldwide.

These figures represent real threats that can affect anyone.

Key fraud trends to watch

  • AI-driven impersonation: Fraudsters now utilise AI to mimic voices, emails, and even official documents, making it harder to distinguish legitimate communications from malicious ones.
  • Account-takeover and phishing scams: Fraudsters send convincing “urgent” emails, texts, or messages designed to trick people who use digital platforms into revealing login details, providing personal information, often inappropriately approving actions they did not intend to.
  • Synthetic identities: Criminals merge real and false information to create convincing identities for financial gain or data exploitation.
  • Payment redirection scams: Fraudsters alter or spoof payment instructions, redirecting money to their own accounts.

How to stay vigilant

  • Think before you click: Double check sender details carefully, scrutinize links or attachments, and be cautious of unexpected or urgent requests.
  • Protect your accounts: Use strong passwords, enable multi-factor authentication, and avoid sharing login details.
  • Report concerns quickly: If something feels off, raise it through the appropriate internal channels.
  • Stay informed: Regular training, updates, and awareness help us stay ahead of evolving threats.
  • Support each other: Fraud prevention works best when we work together, communicate openly, and maintain accountability.
     

The Auditor’s role in combating fraud

As auditors, we are uniquely positioned to help organisations in strengthening their defences against fraud. Here’s how:

  • Risk assessment & fraud controls: Evaluate the design and effectiveness of internal controls, ensuring they address emerging fraud risks such as AI-driven impersonation and payment redirection.
  • Data analytics & continuous monitoring: Use of modern audit techniques, advanced analytics to detect anomalies, unusual transactions, and patterns indicative of fraud.
  • Testing Cybersecurity measures: Review IT controls, access management, and authentication processes to reduce vulnerabilities that fraudsters exploit.
  • Fraud awareness training: Support fraud awareness programs that educate staff on recognizing red flags and reporting protocols.
     

Cyber fraud is not a distant problem, it’s here, evolving constantly, and targeting everyone. Our strongest defence is vigilance, awareness, and collective action. At RSM Eastern Africa, through our risk-based audit procedures, data analytics, and IT reviews, we help identify vulnerabilities, assess fraud risks, and identify weaknesses in internal controls against emerging threats. We assist businesses in strengthening their controls through robust fraud risk assessments, advanced data analytics, and comprehensive internal control reviews.

Caveat

This publication has been prepared by RSM Eastern Africa, and the views are those of the firm, independent of its directors, employees and associates. This publication is for general guidance, and does not constitute professional advice. Accordingly, RSM Eastern Africa, its directors, employees, associates and its agents accept no liability for the consequences of anyone acting, or refraining from acting, in reliance on the information contained herein or for any decision based on it. No part of the newsletter may be reproduced or published without prior written consent. RSM Eastern Africa is a member firm of RSM, a worldwide network of accounting and consulting firms. RSM does not offer professional services in its own name and each member firm of RSM is a legally separate and independent national firm.