Fraud Detection

Preventing fraudulent activities is more important than ever as fraud attempts have seen a drastic increase in recent years. Significant amounts are lost each year due to financial fraud and hence organisations are starting to implement operative risk management processes to prevent fraud. Real-time fraud detection is an upcoming and important factor and fraud detection systems and artificial intelligence can be used to prevent financial crimes. However, in environments where systems are not linked, data analysis becomes a tricky task. Perhaps the most damaging type of employee fraud is accounts payable fraud. It can also be the hardest to detect. While we can use single-sign-on (SSO) and security measures such as multi-factor authentication, we still need to look at the internal processes. What does the working partnership look like? Do we have dangerous working combinations without any rotation? If we are using a web-portal to pay our bills, how can we ensure that the payment processing and payment approval processes are checked and limits are enforced? Then we also have the process of “sending payment materials” if the connection is not secure, it might be possible to alter payment information before the same person approves it. This is a nightmare scenario that would easily be avoided with SecureRest API interfaces between the ERP and the Banking solutions. The most important thing is also to not only have access to log files and user history as well as tight profile setups and approval schemes, but also to constantly monitor them and using the data at hand to make better risk management decisions.

This is part of the banking solution, click here to learn more about Analyste Banking.

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