Fraud can occur in any industry, such as banking, mortgage and construction. Fraud can originate from within the organization by a dishonest employee or from the outside by a private citizen. Fraud detection software helps protect an organization by verifying information on loan applications, identifying suspicious transactions and ensuring your organization addresses the regulations set forth in the Sarbanes-Oxley Act of 2002.

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Financial controls management software

The Sarbanes-Oxley Act of 2002 requires public company boards, management and accounting firms to disclose financial information such as balance sheets, income/profit and loss statements and cash flow statements that are accurate and updated whenever a change occurs in the financial status or conditions of the organization. The intent of this legislation is to ensure that sound financial controls are in place to prevent and identify fraudulent use of monies.

I recommend: OpenPages FCM is a financial controls management software that ensures compliance with the Sarbanes-Oxley Act by documenting compliance procedures, audit trails and authorizations.

Occupational fraud and billing schemes software

Fraud can occur internally by an individual modifying financial reports to conceal missing monies. Software designed to alert managers of suspicious activity allows them to investigate the situation, determine if fraudulent behavior is occurring and take appropriate actions.

I recommend: Refer to the Approva website for more information as to how a fraud and billing scheme software can protect your organization.

Continuous controls monitoring software

A continuous controls monitoring software program examines every transaction that occurs within your organization and alerts staff when problems arise, such as duplicate entries, entries that occur during odd hours or if someone tries to access the general ledger.

I recommend: Refer to Oversight’s website for more information on continuous controls monitoring software.

Anti-money laundering software

Money laundering is the act of masquerading funds that one is obtaining illegally in an effort to legitimize the activity by concealing the sources and destinations of the illegally acquired monies. Anti-money laundering software can monitor currency transactions for suspicious patterns as well as customer identity management systems.

I recommend: Refer to the SAS Institute website for more information on anti-money laundering services.

Fraud Toolkit

The Association of Certified Fraud Examiners (ACFE) work to prevent fraud through the education and training of its members. Members of the ACFE with their expertise in fraud prevention, auditing for internal fraud, money laundering, and conducting investigations are a great resource for your organization.

I recommend: Refer to the Association of Certified Fraud Examiners website for more information on obtaining a Fraud Toolkit.

Data auditing

Data auditing software can help ensure your organization complies with the Sarbanes-Oxley Act by creating an audit trail that verifies every transaction to ensure it has been properly recorded, that the transaction has not been compromised, and all changes to the transaction are documented to detect signs of fraudulent activity.

I recommend: Refer to OmniAudit for more information on data auditing software.

Credit card fraud detection is becoming easier with newer fraud detection programs as well as card fraud detection software. Just as fraud detection programs have improved, new ways to commit fraud have appeared. Be sure your company acquires the right fraud software that will find fraud inside as well as the outside your business. Put the necessary fraud precautions in place to guard against employee, as well as customer fraud.

Things to consider when looking for credit card fraud detection software are:

1. Can you try the software before you have to buy it?
2. Can you use online fraud detection software?
3. Can the software detect fraud inside the company?
   

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Find fraud detection software that runs on your business computer

Some fraud detection software allows you to use the product without having to buy it first. This will give you an idea of how well the software will install on your systems, as well as how accurate the fraud software is in finding fraud.

I recommend: Fraud Labs Detection Desktop is an online fraud detection software that detects fraud. You can use it 90 times a month after creating a free account. Fractals is a fraud detection program that works in real time and you can use it as often as you need.

Look for online fraud detection software to check for credit card information

Online fraud detection software is the best way to check credit card information since it is the most updated information you can find. Since it is running for other businesses as well as yours, everything has an up-do-date guarantee.

I recommend: Falcon® Fraud Manager, which is part of Fair Isaac’s highly successful Falcon franchise of fraud detection and prevention products, can safely increase your sales. Falcon has detected and stopped fraud for 80% of the world’s top financial institutions.

Look for fraud detection programs that prevents employee fraud

Credit card fraud can come from inside your company. You need fraud detection software that can detect internal fraud as well.

I recommend: Norkom Technologies changes as your business changes and is useful for fraud from inside as well as outside your company. Norkom’s software can detect card fraud as well as other fraud such as check fraud and internal fraud. You can find more information on getting the software from CRMBuyer.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The more information you obtain from your credit card customer the easier it is to detect fraud.

With increased Internet, check and credit card fraud, it’s important for you to protect your business assets and customers by obtaining fraud detection software education and training. There is a wide range of computer programs on the market designed to help businesses employ effective fraud detection protection. Fraud detection software can be used to detect and effectively prevent organizational inefficiency and manage risks of fraud.

Fraud costs U.S. businesses more than $600 billion per year. For business owners, senior executives, auditors and project managers, fraud detection and prevention is essential, but many don’t know how to protect their companies from fraud. An effective fraud detection tool and consultants will evaluate activities conducted within all organizational units including accounts payable and receivables, cash management and auditing. To obtain the fraud detection software education you need to protect your business and customers, you should:

1. Educate staff on fraud detection programs using in-house training and consultants.

2. Learn more about fraud detection software.

3. Find out more about credit card fraud.

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Train staff on fraud detection programs

Fraud presents a real threat to businesse, because fraudulent activity can go undetected for years. There are many consultants offering fraud detection software best practices to help business owners implement effective fraud detection programs to prevent, detect and manage the risks of fraud.

I recommend: You may consider obtaining fraud detection software training from SAS Institute. You may also check out fraud detection software consulting offered by ACL Services.

Enroll in fraud detection software courses

Signing up for a fraud detection course can help you obtain education on the effects of fraud and how to prevent and detect fraud. Fraud detection software courses provide instruction on which techniques and software can be used to perform fraud audits and identify fraudulent activity. Courses will also provide instruction on the many criminal and civil fraud laws.

I recommend: Check out fraud detection courses offered by Brandeis University. You may also consider checking out the Larry C. Adams, CPA website for a listing of universities and colleges that offer comprehensive courses on detecting fraud.

Educate management teams about the importance of card fraud software

While internal fraud is a huge problem for businesses, credit card fraud techniques are also becoming more sophisticated. Using credit card fraud detection software can protect you and your customers by giving you the necessary tools to determine the legitimacy of credit cards. Card fraud software can also help businesses determine whether or not customer account information matches what is in their company records.

I recommend: Learn more about card and online fraud detection software by checking out Entrust. You may also read more about card fraud detection by visiting MaxMind.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  While implementing fraud detection software solutions is a step in the right direction, fraud management must be ongoing. Effective fraud detection programs should include strategies for managing large amounts of data and include the necessary tools to help you evaluate and research data to prevent fraud from occurring in the future.

Fraud detection programs are imperative to businesses that need to keep sensitive information private. They are also helpful in credit card fraud detection when someone is trying to make a purchase with a stolen account. A simple program can save a small or large business a lot of headaches by detecting an impostor early.

Take the time to peruse fraud detection software and card fraud detection solutions so that you can see what product is best for your business. Here are some resourceful links to help get you started. Think of this little tutorial as fraud detection software for beginners.

1. Get a demo or take a tutorial of fraud detection software to see if it might be the right fit for your business.

2. Learn about online fraud detection software.

3. Find fraud detection software that discusses monthly pricing and additional applications that may be added to the basic software.

Action Steps
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Locate a demo for fraud software

There are many companies that produce card fraud detection software. Take the time to peruse these many different applications and see if their features will serve the need of your business. Some of the applications include detecting credit card fraud, password fraud, user name fraud and more.

I recommend: Go to the website for Fraudlabs.com for an online demo of their software fraud detection solution. The company Progress Software also manufactures fraud detector solution software and offers a free demo as well.

Locate online fraud detection software for your small business

Online fraud detection software differs slightly from the downloadable version. Online fraud detection software refers to software that is integrated by a host company that monitors transactions for your small business and contacts you when there is a potential issue. This saves the business owner the hassle of consistently downloading the latest format and allows them to 'farm out' their fraud protection to a third party.

I recommend: Go to the website for Max Mind for additional information on their online fraud detection solutions. Quova is another company that provides online fraud protection solutions to small businesses.

Locate fraud detection programs and services that describe pricing and additional platforms

Many fraud detection services operate on a monthly basis fee. Take the time to learn about what is included in that fee when signing up for a subscription. Also take the time to read up on other applications such as detection of money laundering, friendly charge backs and other associated fraud platforms that are utilized. Understanding these additional methods of fraud will allow you to protect your business in a better manner.

I recommend: Go to the website for Pay Verify to learn about a service plan and how it is constructed for fraud protection. Iovation also provides additional fraud protection solutions and applications on their website.