Globally fraud today is estimated to be costing business annual losses of $6.5 trillion, representing more than 5% of company turnover according to a study by AFCE1.
With over 49%2 of companies admitting to having been victims of fraud and economic crime in the last 2 years this effects everyone.
It is a constant threat that spares no sector of activity: 10% of insurance claims3 , $137 billion in improper payments in US Government4 , and 39% of banks affected by cybercrime5.
With ITESOFT Fraud Detection as a Service you have a platform to secure all your processes: Customer onboarding, setting up KYC procedures, contract underwriting, claims management, reimbursement requests, allocation requests, training instruction files (credit, loan, insurance...), payment of services, incident and claim management, payment requests, modification of supplier’s RIB etc.
1. Association of Certified Fraud Examiners, 2016 Global Fraud Study
2. PWC, Global Economic Crime Survey 2018
3. Insurance Europe, 2013
4. US Government, Payments Accuracy, 2016
5. PWC, Threats to the Financial Services sector, 2014
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In an increasingly digital world there is no room for lost time as a result of bottlenecks, delays with the circulation of paper, lack of visibility or numerous errors and fraud risks linked to a poorly controlled process. Small or large, all companies are faced with these problems.
The digitisation of supplier invoices, and the digitalisation of financial processes propels organisations and businesses towards greater productivity and operational efficiency with a significantly improved image.
Speed of action, transparency of processes and actionable corporate responsibility can all be assisted with cloud based applications and platforms.
Preventing fraud has never been an easy task… perhaps Artificial Intelligence is a modern approach to overcoming this age old problem.
Not just for organisations but for individuals the possibilities are pretty incredible....
In 2016, only one in three decision makers had solutions in place to detect document fraud concerning incoming documents. And yet, 64% of decision makers admitted that the need to manage the risk of document fraud is on their agenda.