REGTECH FOR FRAUD ASSURANCE
Shining a light on fraud with forensic data reconciliations, analytics and reporting
Each year, industries suffer huge financial losses due to all kinds of fraud. Fraudster attack vectors can include weak business processes, missing controls, technical weaknesses or person misuse or corruption.
Search, Detect and Act Against Fraud
The ImperiumTM platform functions like the swiss army knife of all RegTech solutions. Its flexibility in decoding data enables the use of both internal and third party data sources to build a powerful fraud detection tool. With the data ‘in-hand’, the next step is applying a logical control framework that strains that data set until anomalies are identified. Alerts are then sent to initiate user-led investigations using the analytics and reconciliation features.
Once data is flowing into ImperiumTM, you can see a ‘birds eye’ view of the entire system ecosystem in near real time (NRT). This end-to-end visibility allows for a thorough net to be spread over the data and find anomalies. Examples of the anomalies that can be found for further investigation:
- Customers with multiple accounts
- Age-restricted activities or purchases allowed
- Unauthorised discounts applied to services
- Stock theft or adjustments
- TAX and VAT manipulation
- Unauthorised payments
- Invoice write-offs
- Zero rated customers
- Unatural service usage behaviour
- Fraud service revenue denial usage attacks
Our solution can be adapted to your fraud assurance requirements. For example, you can define the KPI thresholds and alerts that should trigger internal action. In addition, these alerts can be uploaded directly into your own risk management portals. Alternatively, you can opt to use our pre-defined risk control framework.
Imperium™ for Business Assurance
Imperium™ can be used to enhance or replace existing core business assurance activities. It offers a variety of control modules that focus on key business areas, while also providing established risk frameworks that can be tailored to fit your business.
Control Frameworks That Tackle Fraud
- Supplier non-delivery
- Suspicious accounts
- Voucher misuse…etc
- Non-payment for services delivered
- Vacant premises
- Suspicious usage patterns…etc
- Internal fraud – credits & refunds
- IRSF detection & quantification
- Bypass fraud detection…etc