Our fraud detection program quickly and effectively identifies questionable transactions and behaviors.
We execute a range of tests across suppliers, employees and payable data to identify suspect activity and ensure your revenue is protected now and in the future.
Each vendor is scored based on thresholds and points assigned through a battery of tests. While failure of any single test does not necessarily indicate fraud, failing multiple tests raises the probability of fraudulent activity.
The higher the score the greater the risk.
A Fortune 500 client employed third party consultants and in-house data queries to identify potentially fraudulent activity. However, there was only time for a random sampling of payment activity.
The company faced significant exposure and needed to identify a process which would allow for a more comprehensive review and focus on the vendors with the greatest probability of risk.
AP Recovery created a monthly process to screen every vendor, employee and transaction. The Fraud Control scoring system was implemented, immediately removing 99.7% of their vendor population from consideration. The remaining 339 vendors returned a total of 105 fraudulent disbursements which were spread across 5 vendor records created for the sole purpose of facilitating fraudulent disbursements.
5 fraudulent vendors, 105 fraudulent transactions and protection against the unknown.
A study by the Association of Certified Fraud Examiners found that in 22% of the cases reported, the loss per incident was greater than $1 million.
