As long as the business industry has existed there have been onslaughts and attempts to outsmart operational systems for dubious purposes. Fraud has been an undeniable part of our world and has only grown more intricate and threatening over time, which is why businesses have needed careful analysis and early detection systems in place to counteract, prevent or deal with fraudulent activity. The evolution of an increasingly technologically-driven world has created a new, smarter and more dangerous arena, one where business growth potential has surged, and threats to these businesses feature right alongside it.
With this in mind, is your business equipped to successfully detect and defend against today’s fraud threats?
What Is Fraud Analytics?
Fraud prevention through anomaly detection and rule-based methods have been aiding companies for more than 20 years, but with the emergence of big data and continually refined, in-depth data analytics resources, we can now delve far deeper into detecting existing as well as potentially fraudulent activity in any enterprise. Fraud analytics offers companies the most advanced, efficient means of carefully analysing data from every division and integrating it into one, all-encompassing set of data insights.
How Does Fraud Impact Businesses?
On any level, fraud has a severe negative impact on any business it affects, sometimes to the extent that it causes complete organisational failure and bankruptcy. Misappropriation of funds and assets by employees causes financial losses to the company, while misleading and false information supplied to investors will result in often irreparable damage to the company’s reputation, causing potential business partners and investors to avoid any affiliation with it. For smaller businesses, the impact of fraud will result in the firm or company being assessed as a high audit risk, which complicates the approval process for financial statements and incurring considerable additional audit costs to secure financial statement approval.
How Fraud Analytics Can Help Your Business
Incorporating fraud analytics into your business operations will give you a much-needed tactical advantage, providing increased control over your internal processes and reducing or preventing fraudulent activity. At a glance, you will have access to extensive reports and summaries of where threats are detected, how effective your current rule-based methods are, as well as reports to help you pinpoint where to focus your efforts in prevention of future fraudulent tactics – all at an unsurpassed and never before possible processing speed and level of accuracy. Machine learning has opened up a world of possibility, but in turn also a new level of potential threats and attacks, which is why fraud analytics should be a crucial part of your business operations.
If you would like further information about how our fraud analytics services can help your business stay ahead of fraud risk, contact us today.
Agilus Solutions provides a FREE Data Analytics Awareness presentation for businesses. To book a FREE session for your business, simply click the link below and we will contact you to set up a convenient time to meet.