Case Study
Employee embezzled R100m over 6 months
Traditional Detection Methods Fail
35% decrease in conflict of interest and collusion detection rates
A post-pandemic rise in internal collusion and conflict of interest across all industries in South Africa as lifestyles come under financial pressure.
Only one third of companies deploy data analytics tools that can detect fraud. Another 13% had the necessary tools but were still learning to use them, while 22% had no data analytics of any kind. Most companies only collect less than 10% of the data that is required to detect collusion and conflict of interest.
Big data and automation uses proven technology to disrupt and innovate traditional practices. Empowers you to confidently identify risk events and potential fraud by use of AI
The signs are always there
85% of fraudsters displayed at least one flag while committing crimes
- 42% living beyond their means
- 26% displaying financial difficulty
- 19% unusually close relationship with vendors
- 12% family or other distress
- 5% had past legal problems
A fraudster living beyond their means is the #1 red flag in every study since 2008.
Join the platform that’s helping organisations proactively and continually detect and prevent fraud and collusion.
Automated third party due diligence is part of a suite of solutions that have been developed to harness the power of smart logic and artificial intelligence to help organisations take the guesswork out of fraud detection