The typical fraud case continues for 18 months before it’s detected. It is estimated that the typical organization loses 5% of its revenues to fraud each year. Applied to the estimated 2011 Gross World Product, this figure translates to a potential projected global fraud loss of more than $3.5 trillion.
An effective purchasing card (or procurement card) fraud monitoring program can prevent fraud by signalling to employees that their suspicious transactions are under scrutiny.
What about sampling as a detection method? A reliance on manual sampling of transactions to analyze corporate card activity is ineffective, and often inadequate to fulfill regulatory needs. There is a solution.
ACL’s P-Card Fraud solution is designed to prevent fraud, improve policies and promote cost management through and integrating consulting services, 10 analytics supporting detective controls, technology and a results sharing platform all-in-one package. This approach to fraud risk mitigation is most effective because it becomes active, visible and a co-ordinated part of our organization‘s culture.
P-Card Fraud framework in action
Resource: click here
(Source: ACL Blog)