Employee fraud costs the average large organization 5% of revenue according to the Association of Certified Fraud Examiners (ACFE), which can make the difference between an organization being profitable or not. For a $500 million organization, this means a loss from fraud of $25,000,000. Organizations can no longer simply hope they aren’t currently or won’t become a victim of fraud.
Our Comprehensive Solution Ensures Early Detection & Prevention of Fraudulent Transactions
Ascend’s SmartTouch Advanced Fraud Prevention is sophisticated software technology that analyzes financial transactions to prevent fraud before it occurs. Employing audit procedures is prudent, but is typically after the fact and most losses are not recovered. Additionally, audits are usually limited to reviewing only a fraction of the transactions. Ascend’s solution goes beyond the ability of individuals to adequately sift through the volumes of financial transactions and properly analyze them to identify fraudulent activity. Ascend’s Fraud prevention protects your organization in an intrinsic manner, intimately interacting with transactions and the associated details, such as the approvers, numeric analysis and historical patterns. Our patent pending algorithms analyze and identify suspicious transactions and present the results on a summarized dashboard, where you can easily drill-down into the details. Further, these transactions are routed to an authorized reviewer, where they are either verified as fraudulent and stopped or approved for payment.
5 Reasons to Implement SmartTouch Advanced Fraud Prevention
- Quickly Reclaim Bottom-line Dollars — Organizations may reclaim hundreds of thousands or even tens of millions of dollars, by implementing a fraud protection system
- Deter Fraud — It has been proven that knowledge of a fraud detection system in place will discourage a fraudster from taking the risk
- Protect Assets and Reputation — Protection against asset loss and reputation damage, which can negatively impact the bottom line, stock value, and non- profit donations
- Fulfill Fiscal Responsibility — Fulfill judiciary responsibilities which are entrusted to officers to morally, ethically, and financially protect and ensure the viability of the organization
- Reduce Exposure to Fraud — Identify suspicious transactions and prevent the completion of the fraudulent activity