Ascend Software, a leading provider of imaging & business process automation software, today announced their SmartTouch Advanced Fraud Prevention (AFP) solution. SmartTouch AFP is a sophisticated software technology that enhances traditional audit procedures by automatically analyzing financial transactions for fraudulent activity in real-time enabling auditors to focus on transactions most likely to be fraudulent. The solution was principally designed to help organizations reclaim bottom-line dollars, protect their reputation and most valuable assets, and significantly deter and reduce exposure to fraud.
In a recent study, the Association of Certified Fraud Examiners (ACFE) found that the average large organization loses 5% of its revenue each year to fraud. The ACFE also reported that asset misappropriation is the most common type of fraud, representing over 85% of all cases. Today, most organizations depend on laborious audit procedures to identify fraudulent activity. However, these audits are often performed after fraud has already occurred, and only encompass a fraction of financial transactions.
“As people are taking more rigorous and innovative measures to protect their personal finances against fraud, corporations can no longer afford to rely on antiquated audit processes as a viable means of fraud protection,” said Jenny Tobin, Vice President of Product Management at Ascend Software. “Ascend’s SmartTouch Advanced Fraud Prevention goes beyond the limitations of manual audits, by automatically sifting through the volumes of financial transactions in real-time, and properly analyzing them for fraudulent activity.”