Satori Group's Fraud Detection & Prevention Solutions

Fraud can have a substantial impact on your organisation through not only financial loss, but it can also jeopardise compliance with regulations, damage morale, and affect market confidence and share value. Given that the typical organisation loses 7% of revenues to fraud and that it takes on average 18 months to uncover fraudulent activities, companies should be considering ways to proactively monitor their financial transaction to expose early indicators of fraud, error, and abuse.

The Solution - Prevention is often better than Cure

There are a number of issues that make effective fraud detection a particularly challenging task: extensive volumes of data, complexity and diversity of IT systems, changes in business processes, and the adaptive nature of fraud schemes. Many of the audit techniques currently in use to combat fraud come up short: sampling data leaves suspicious transactions undetected, use of spreadsheets is prone to errors, and testing of system controls leaves one vulnerable to exploitation of "gaps" between systems.

Satori has an effective fraud detection solution with the power to create and run a comprehensive set of tests continuously, which are designed to detect indicators of a wide range of fraud regardless of which IT system houses the transactional data and how many records you need to analyse. With the ability to test 100 percent of transactions, your investigation will uncover all relevant anomalies – typical signs of fraud, error, or abuse. Through automation, these tests run continuously, often catching the fraud early, before the money goes out the door, making remediation easier and acting as an effective deterrent for other potential fraudsters.

Fraud Detection in Action

The majority of auditors worldwide using purpose-built technology favour ACL as the preferred software for fraud detection and prevention, according to the most recent Institute of Internal Auditors (IIA) software survey.

Find out how an internationally respected accounting firm used ACL software to uncover over $70 million in fraud and error. Download the Forensic Strategic Solutions success story to learn more!!