The problem
Addressing internal fraud: Invisible loss in your performance.
Internal fraud poses a significant threat to the banking sector, making it essential to understand and address this issue effectively. By not addressing this problem, your institution is facing financial threats that will be reflected by the bank's net financial result by the end of each fiscal year.
The problem.
At bare minimum, internal financial fraud leads to liquidity issues and reduces your net result, because you need to utilize your retained earnings in order to compensate for the loss from internal fraud.
The solution.
Our comprehensive AI and machine learning-driven fraud detection and prevention solution safeguards your business real-time from internal fraud, reducing your loss and could improve your financial performance by reducing the amount of loss you take in the fiscal year due to internal fraud.
The problem in numbers, according to ACFE Occupational Fraud Report (2024), for finance & banking sector (median loss per month).
$4.200
Cash on hand fraud.
18% of financial service providers suffer from cash on hand fraud.
$4.200
Cash larceny fraud.
12% of financial service providers suffer from the theft of money that has already appeared on a victim organization's books.
$8.600
Check & payment tampering.
14% of financial service providers suffer from their employees stealing their organization's funds by forging or intercepting a check on the organization's account.
$42.600
Financial statement fraud.
Financial statement fraud contributes to the largest loss taken by companies in the financial and banking sector despite only 5 out of every 100 cases surveyed. This highlights that it's not enough to detect and prevent the majority of fraud attempts, but all that is preventable must be prevented.
Our solution proposal to the problem is our real-time AI-driven anomaly detection and prevention solution trained for the purpose of aiding in the early recognition of internal fraud. It's a simple 5-steps process.
The reason for its high efficiency is due to the fact that’s it is an innovative pipeline, not only a single AI.
Solution: AI-driven fraud detection & prevention system.
The solution
The problem
$329.000 median loss on average as a result of...
...3 or more perpetrators in according to the ACFE: Occupational Fraud 2024: A Report to the Nations. It's $75.000 with a single perpetrator involved and $135.000 with 2 perpetrators.
Thus, the analysis of an individual is not enough, preventive attention to multiple potential perpetrators in real-time and reliably is of key importance.
Don't worry, if it's too technical, simply get in touch with us and we will explain everything and answer all your questions about it!
Technical representation of our AI pipeline-driven solution.
< 6 months detection time
31% of all cases recognized under 6 months, on average, results in $30.000 loss.
25-48 months detection time
Detecting a loss years after it occurs results in a financial loss of $250.000 - $650.000.
7-12 months detection time
21% of all cases, on average $111.000 loss, already almost tripling the early detection amount.
>60 months detection time
Average loss of $875.000 occurs if the fraud is detected after a 5 year span.
1
Non-parametric.
The only non-parametric anomaly algorithm on the market able to make the best decision on its own.
3
Self-adaptive.
The variable selection, reference database update and every part of the AP pipeline is automatic.
2
Unsupervised.
The AI model is built on actual data and not the past internal fraud events.
4
Real-time.
Real-time fraud detection – immediate intervention: alerting, user
disqualification.
5
Low false-positive.
Our Anomaly detection algorithm is fault-tolerant and detects
less false positive.
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How does it work?Our internal fraud prevention solution works by analyzing data patterns, detecting anomalies and providing real-time alerts of potential fraud incidents.
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Is it customizable?Yes, our internal fraud prevention solution can be customized to meet the specific needs and requirements of your organization.
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What are the benefits?The benefits of our internal fraud prevention solution include reducing financial losses, protecting sensitive data and improving overall security measures.
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How can I get started?To get started with our internal fraud prevention service, simply contact our team and we will guide you through the process.
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Is it cost-effective?Yes, our internal fraud prevention solution offers a cost-effective way to mitigate the risks of internal fraud and protect your organization.
