Stupid money redux. Who’s fooling whom at JUTC?

JUTC has little idea of how to do some simple financial controls. Surprise! We hear of another fraud. Why? Drivers are allowed to intercede in financial transactions involving promotional fares and electronic cards. I know…the temptations are obvious. The drivers couldn’t resist and an audit showed the obvious.

Separation of functions is a basic financial control tool. It’s usually obvious what to do, such as not having people making ordering decisions to also write checks or pay money. Small firms are constrained, but not large enterprises.

So, why doesn’t JUTC do these obvious things? A cynic would jump at the collusion argument. Who, exactly, is colluding may soon come to light.

In other countries, where cashless systems are mixed with cash, or it’s cash only, the cash box is locked, and/or a turnstile is in place to count passengers and then see that cash collected corresponds.

Checks and balances are not hard to have in place.

An acquaintance complained yesterday that a bank teller couldn’t complete his credit card number from that position. The information had to come from another department. In banking, it’s a standard separation that protects customers by preventing unauthorized transactions on their account. Small inconvenience, for bigger security.

One great thing about tracking money trails is that the footprints are often hard to cover.

Author: Dennis G Jones (aka 'The Grasshopper')

Retired International Monetary Fund economist. My blog is for organizing my ideas and thoughts about a range of topics. I was born in Jamaica, but spent 30 years being educated, living, and working in the UK. I lived in the USA for two decades, and worked and travelled abroad, extensively, throughout my careers and for pleasure. My views have a wide international perspective. Father of 3 girls. Also, married to an economist. :)