Accounts payable is one of the oldest forms of fraud in many institutions. Organizations tend to be confident in their systems. However, employees are always busy crafting new methods to bend techniques and policies of payment.
ACCOUNTS PAYABLE FRAUD
ORGANIZATIONS SITUATION
- Employees collude to change vendor bank accounts to their cahoots.
- Creating fake vendors and submitting false invoices.
- System administrator changing information via back-end.
- Stolen credentials allow users to get around segregation of duties.
- External hackers gaining access to sensitive information in ERP system.
- Multiple systems and vendor risk.
COMMON ACCOUNT PAYABLE FRAUD SCHEMES
- Multiple reimbursements
- Duplicate payments
- Payments diversion
- Fabricated invoices
- Fraudulent vendors
- Unauthorized payments
- Unauthorized vendor changes
THE SOLUTION OFFERS
- Data correlation.
- Data aggregation.
- User behavioral profiling, scoring and analytics.
- Smooth integrate with other software architectures across the institution.
- Complete audit trail with link analysis, historical investigation capabilities and customized reporting.
- Case manager with link analysis and visual map connections between suspicious entities and activities.