When it comes to fraud detection, know the score.
Knowing who to audit is equally as important as how you audit. That’s why FraudNow is a critical component in a successful fraud detection strategy. FraudNow initiates a battery of tests across suppliers, employees, and payables data to identify suspect activity.
Barriers to a successful fraud strategy:
- Where do I start?
- My result sets are too large and have no real meaning.
- I have too many tests. Which ones are worthwhile?
- I have no time to analyze the results.
- How do I uncover the real frauds?
The Fraud Score: Assigning thresholds and points.
Our tests are based on proven patterns that flag activities outside the scope of generally accepted business rules. Your supplier and employee records are compared to our database of known and suspected fraudulent addresses, then analyzed based on a series of highly complex algorithms including Benford’s Law. But unlike traditional fraud detection tools, FraudNow goes further. We work with you to define acceptable thresholds for each test, and then weight each test to determine an acceptable score. Once limits are determined, our powerful software examines each transactional element and computes a score. While failure of any test does not necessarily indicate fraud, failing multiple tests does mean a higher probability of fraudulent activity. So, the higher the score the greater the risk.