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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 and organizations have started implementing operative risk management processes to prevent this from happening. Real-time fraud detection is a current and important task, and fraud detection systems along with artificial intelligence can be used to prevent financial crimes. However, data analysis becomes a tricky task in environments where systems are not linked. Perhaps the most damaging type of employee fraud is accounts payable fraud, which can also be the hardest one to detect.

While single-sign-on (SSO) and security measures such as multi-factor authentication can be used, internal processes need to be looked into. What does the working partnership look like? Are there dangerous working combinations without any rotation? If web-portals are used to pay bills, how can it be ensured that the payment processing and payment approval processes are checked, and limits enforced? Then there is also 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 can be easily avoided with SecureRest API interfaces between the ERP and the Banking solutions. The most important thing is to not only have access to log files and user history along with tight profile setups and approval schemes, but also to constantly monitor them while 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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