Fraud Detection
Fraud in corporations, government and other entities is growing very rapidly, with a number of high profile cases showing the wider community that there is a problem.
These have led to a realization that fraud is a major issue due to:
< significant economic loss
< loss of competitive position in the market
< loss of corporate image
< exposure to litigation from shareholders, suppliers and clients
<
exposure to regulatory
agencies (for example, potential loss
of operating licence in the
health care industries)
< criminal actions against executives and Board members
< threats which could endanger the viability of the
enterprise.
With internationalization of business, cross-jurisdiction fraud occurs especially from the use (misuse) of the internet and electronic financial transaction systems, making detection and prosecution very difficult, and in many cases, impossible. This emphasizes the importance of prevention over detection and recovery.
Fraud prevention systems are relatively new. Fraud detection systems are well developed, but oriented to large scale applications, with consequent issues of cost and ability to react to changing fraudster behaviours.
In fraud prevention and detection, enterprises are limited by funds for facilities, flexibility, and the need to adhere to the law. Organized and international fraudsters are not.
SuperSTAR has been developed so that complex relationships among and between individual records are explicitly recognised when SuperSTAR databases are created.
This means that users can specify very complex queries against transaction data using simple ‘point and click’ instructions.
As a fraud prevention and detection tool, SuperSTAR offers a cost effective and sophisticated solution to organizations in a very wide range of endeavor from government, finance and banking, law enforcement agencies, industry, commerce and benevolent institutions.
Please contact us to discuss your requirements.