test Fraud Risks and Corruption in Public Organizations: Rethinking Governance through Fintech|HAPSc Policy Briefs Series

Fraud Risks and Corruption in Public Organizations: Rethinking Governance through Fintech

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Published: Jun 30, 2025
DOI: https://doi.org/10.12681/hapscpbs.43148
Keywords:
Governance Public Sector Fraud and Corruption Fintech Blockchain Digital Transformation Regulation
Evangelia Pappa
Hellenic Open University, Greece & Open University of Cyprus.
Panagiotis Georgitseas
Panteion University of Social and Political Sciences, Greece.
Georgios Tantis
Panteion University of Social and Political Sciences, Greece.
George Georgiou
Ministry of National Economy and Finance, CGAP, CFE, CICA, CCS, Accredited on Audit Quality, Greece.
Abstract

Good governance in public organizations ensures efficiency, transparency, accountability, and public trust. In today’s complex and rapidly evolving environment, public sector institutions face a growing range of risks and challenges that threaten the achievement of their objectives and the protection of the public interest. The implementation of effective control mechanisms is critical for identifying both internal and external risks and responding to emerging governance threats. Under this context, the integration of digital technologies - particularly Financial Technology (Fintech) and Blockchain - has emerged as a promising strategy to enhance transparency, reduce fraud, and improve operational efficiency. However, their adoption also presents new risks related to data protection, algorithmic opacity, legal framework and regulatory uncertainty. This paper examines both the potential and limitations of these technologies, highlighting the governance conditions necessary for their effective implementation. It argues that digital innovation alone is insufficient, and that sustainable improvements require integration into broader institutional frameworks grounded in ethics, legal safeguards, accountability, and civic participation. 

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