Fraud Detection for Purchasing and Procurement Card Programs

How effective is your corporate card fraud detection program?

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

  • Accurately and promptly pinpoint potential corporate card fraud through 10 data analytics: e.g., Weekend and Holiday PCard transactions? Round amounts indicative of gift cards?
  • Easily aggregate outstanding remediation plans and exceptions to see where things are falling through the cracks
  • Provide visibility of enforcement actions to key stakeholders, such as internal and external audit, financial leadership, and compliance

Resource: click here

(Source: ACL Blog)

Tuesday, August 5, 2014 In: Hot Topics Comments (None)

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