Trust is the glue that holds all relationships together–including the relationship between members of our society, our family, business organizations and the leader and the led. Same way breach of trust can effectively destroy the relationship and demolish the business empire. However this human trait – trust is not guaranteed because at times the trust is belied and the human being commits fraud by way of funds misappropriation, over or false invoicing and creating ghost prescriptions or making false insurance claims. Study has shown business organization loses 5 percent of its revenue due to incidence of fraud. The Incidence of fraud has therefore come to be accepted as another important contingent liability in all business estimates. If this menace cannot be eradicated in totality, its impact seeks to be minimized by bringing in anti-fraud measures. Success of fraud detection measures presupposes you have access to reliable data and employ the techniques of analytics to search for anomalous or suspicious transactions. For anti-fraud analytics program to work and deliver, it is necessary that the program has to be trusted. altraSys consultants would engage typically in two types of measures to tackle the fraudulent activities:
Fraud detection using analytics require continuous analysis of large volume of data by means of scripted algorithm to identify anomalies in terms of high and low values, values that exceed averages or are outside of standard deviations, and /or outliers as they occur over the period with continuous flow of data. The above are not the exhaustive statistical parameters used in calculation to detect fraud. And the effort continues to improve upon the algorithm in order to improve overall efficiency and quality of the fraud detection processes. So why not altraSys consultants have a look into your data and take care of anti-fraud detection measures?