Fraud Prevention Software

Updated on Tuesday 16th February 2021

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Financial fraud has become in the past few years one of the major concerns of companies in many industries determining business owners to seek various prevention methods. In many cases, fraud prevention software is the most important element in keeping companies protected from such offenses, however, it is also vital for the program used to suit the exact needs of the respective business.

PAIDAnalytix has been on the market with dedicated overpayment protection software for several years now and has obtained great results with the clients working so far. Not only can our tool be used for effective management of the accounts payable department in a company, but it can also be used as fraud prevention software.

How should a fraud prevention software work?

There are many programs that can be used by all types of companies for preventing fraud, however, such a program cannot be used as an all-in-one software that fits all industries, so many times, what works for a business will not do the same great job for another. This is why it is important to check the market for a fraud prevention software that matches the exact particularities of one’s business.
A fraud prevention software should target and anticipate the exact needs of a company through tailored algorithms.

Our accounts payable software can be used for multiple tasks, among which fraud prevention plays an important role. Our software relies on Artificial Intelligence and uses the latest technologies to offer modern solutions to modern problems.

The main features of our fraud prevention software

Our accounts payable software is very simple to use, which is one of its main strengths given the fact that most companies request efficient tools they can set up and use in the quickest timeframe possible. However, this is not the only characteristic of our program, as you will read below:
  1. our software does not imply installation of additional hardware or equipment which could also be subject to cyberattack risks;
  2. once installed, it will scan the information the account owner provides, therefore minimizing the risk of information leakage;
  3. it will perform a complete check of the information supplied and issue a report indicating the weaknesses of the accounting software;
  4. it uses AI in order to render accurate results tailored to the specific of the company;

PAID Analytix offers complete accounts payable and audit solutions that encompass fraud prevention to medium and large-size companies that are usually prone to such offenses.

How to use our fraud prevention software

As mentioned above, our accounts payable software is easy to install, setup, and use, being ready from the first moments to be put to work. Once installed, the client can enter the information desired based on which personalized results will be provided under the form of a report.

Our software is able to provide protection against fraud in a real time by covering multiple fraud scenarios.

When it comes to fraud prevention, during the accounts payable audit, our software can provide relevant information on the weaknesses of the accounting software, thus helping business owners to take the necessary measures to improve the protection of the entire department.

If you need additional information on our fraud prevention software and how it can help you, our specialists can explain it in detail. Furthermore, you can also ask us any questions about our recovery audit services.

Why is fraud detection and prevention software useful?

According to recent surveys, a company reports an average of 6 fraud attempts in a year which implies a significant increase of the risks incurred by businesses as well as higher costs when it comes to the prevention of such crimes.

According to a recent survey conducted on 5,000 companies:
  • in 2018 and 2019, 47% of the respondents reported frauds;
  • out these companies, only 56% carried out an investigation on the worst-case encountered;
  • the total cost of the crimes reported in the past two years accounted for 42 billion USD;
  • 13% of the responding companies said they have lost more than 50 million USD.

For more information on our fraud prevention software, please contact us.

Radu FertoneaArticle by:
Radu Fertonea is the founder of Paid Analytix and Senior Manager with Executive MBA degree (Maastricht School of Management). He was director of operations at Societe Generale European Business Services, in charge with: Management of the Source to Report practice (Procurement, Accounts Payable, Accounts Receivable, Management Accounting) | Global redesign of end-to-end source to report activities | Consolidation of the Finance exercise for the European operations of Société Générale (100% coverage target by 2020) | Transition Management, Process Standardization and Continuous Improvement | People Management – team of 150+. With a broad experience in the financial field and after working with large societies which handle thousands of payments every year, came up with the idea which led to the creation of Paid Analytix.