Advanced Business Solutions launches new fraud detection software
The poor economic climate has increased levels of fraud and in 2010, fraud cost the UK private sector £12 billion. KPMG also uncovered a dramatic increase in the number of fraudulent cases involving the exploitation of weak internal controls – up to 74% in 2011 from 49% in 2007. This suggests that many organisations are not adequately protecting themselves from internal fraud.
To help businesses identify and prevent fraudulent activity, Advanced has developed Forensix to alert managers about any unusual or fraudulent activity within their organisations. This user-friendly software provides an extra layer of security within Advanced’s OpenAccounts financial management system, version 7.
Simon Fowler, Managing Director, Advanced Business Solutions (Commercial) says, “Many software systems are not designed to detect collaborative fraud. Forensix has been developed to detect collaborative as well as individual fraud, making it one of the most sophisticated fraud detection solutions on the market.”
Forensix will help to detect a range of potentially fraudulent activities such as write-offs, discounts and employees making unusual financial arrangements with external suppliers. Unusual activities are automatically flagged for the attention of management.
Fowler says, “Many businesses are reluctant to talk about internal fraud, however it can and does happen and so they need to protect themselves as best they can by using solutions such as Forensix. Without the implementation of smart fraud prevention systems, businesses will remain vulnerable to fraud and with all indicators suggesting that internal fraud is on the increase, this is an issue that needs tackling promptly.”
To find out more about Forensix, please call Priya Lad on 0191 203 2500.Back To News