Segregation of Duties (SoD) Limitations in Finance
In the world of business and finance, maintaining a system of internal controls is essential to safeguard assets, prevent fraud, and ensure the accuracy […]
Modern Risk & Compliance for Corporate Finance
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Payments fraud is far from new
but, the level of sophistication is increasing and the speed at which it can occur is getting faster. Discover the extent of financial and vendor fraud described US corporate finance executives in the 2023 Ponemon survey
88%
of companies have experienced payment
fraud loss in the last 2 years
30%
lost over a million dollars per
incident
60%
report damage
to organization’s reputation
$149K
was the average amount lost per
incident
Fraud attacks have increased by 43% following the rise in AI usage.
Based on the Ponemon Institute Financial Trends 2023 Report | Responses from 659 finance executives | 18 diverse industries across the U.S. | Average annual revenues ~$400 million | Each averaging 2,800 suppliers
Creednz AI
Creednz is an advanced system that employs AI and machine learning mechanisms to detect and address suspicious activities, fraudsters, and potential security threats. By continuously analyzing vast amounts of data, Creednz identifies patterns and anomalies that might indicate fraudulent behavior or security vulnerabilities. The system adapts and improves its detection capabilities over time, learning from new incidents and refining its algorithms to become more accurate. This proactive approach enables organizations to stay ahead of emerging threats, ensuring a robust defense against fraud and security breaches.
More than Money
Stolen funds
Money taken without authorization, leading to financial loss for the business. In a survey of finance executives, the majority of respondents estimate that they lost an average of $150,000 in stolen funds in the past 2 years.
Reporting to management
The process of informing senior leaders of the financial fraud incident, including identifying the extent of the loss and steps taken to address it.
Businesses Consequences
Investigation
Investigations are vital in revealing the scale and consequences of fraudulent money transfers, entailing hidden costs for internal and external resources needed to uncover fraud details. These efforts allocate significant resources to uncover the truth and devise preventive strategies, rapidly accumulating costs and magnifying the overall impact of fraudulent transfers.
Remediation
Fraud remediation doesn’t have to mean supply chain disruption. Adding a new control in front of your supply chain can slow down the business, make sure you select a control that enables you to transact with a wider and broader supply chain at a higher pace.
Litigation
Legal action taken to recover stolen funds and hold responsible parties accountable. This may include filing lawsuits and cooperating with law enforcement.
Reputation
The impact of financial fraud on the companys reputation, including potential damage to its brand and loss of customer trust.
Fines & Damages
The financial penalties and damages incurred as a result of financial fraud, including fines imposed by regulatory bodies and damages awarded in legal proceedings. These may be significant, and may include not just the stolen funds but also the legal fees, reputational costs, etc.
Shareholders confidence
The impact of financial fraud on the confidence of the company’s shareholders, including the potential for decreased stock value and reduced trust in management. After GE disclosed accounting fraud in 2019, its stock closed 11% lower in its biggest drop since the 2008 financial crisis.
Validate every aspect of your financial operations
Creednz conducts advanced analysis on your data across your entire supply chain. Our approach detects any missing, unmatched, outdated, or suspicious information, ensuring the security of your transactions.
Entity & account data enrichment
Validate bank accounts and business entities using data from third-party sources to ensure transaction accuracy and security.
Creednz network
Harness the power of our extensive historical data from the combined customer database to fortify your fraud prevention capabilities and proactively address emerging threats.
Financial threat intelligence
Utilize intelligence artifacts from Creednz and third parties, including darknet, restricted lists, and threat intelligence, to protect your transactions.
Stay up to date on our journey
Explore the latest trends, tips and insights in our world. Empower your finance team with the insights needed to drive growth and enhance operational efficiency.
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