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.

Action Steps
The best contacts and resources to help you get it done

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?
   

Action Steps
The best contacts and resources to help you get it done

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.