The number of cases of criminal fraud continues to rise every year. Criminal organisations lie in wait to defraud companies. However, there are sufficient means to expose suspicious companies early on.
Fraud is a growing problem. More and more companies are facing it, regardless of their size or the sector in which they operate.
Your business could also be a victim.
Fraud Prevent & Detect
Fraud is a social problem that deserves a thorough approach. Not only from the government, but also from the business world with the idea 'strong together' in mind. After all, fraudsters operate cunningly and are becoming increasingly inventive to steal money or assets from unwary parties. Mala fide organisations have also eagerly taken advantage of the digital revolution - which companies often had to accelerate during the coronavirus crisis - to make their move. With Fraud Prevent & Detect, this is already becoming a lot harder.
Review the webinar: How to protect your business against fraud?
During this webinar, you will learn how to protect yourself from fraudulent activity and how to prepare for potential threats.
Agenda
- Figures, trends and situation outline
- Criminal fraud and liquidity fraud: definitions
- Recurring symptoms and characteristics of fraudulent businesses
- The value of data and algorithms in the fight against fraud
- Building blocks and prediction speed of the Fraud Indicator
What are you doing to protect your company and 6.4% of your turnover from criminal practices?
The figures from fraud investigations vary widely. We leave the exact figures open-ended. But that fraud occurs frequently and causes considerable (financial) damage is certain. Both for the individual company, and for society.
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Depending on the research method, 20 to 30% of the surveyed companies experienced fraud during the past 5 years.
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The average damage caused by fraud also ranges from 29,000 to 200,000 euros.
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Other sources estimate the amount for which fraud is committed annually in Belgium at 25 billion euros.
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Figures from the University of Portsmouth indicate that the cost of fraud worldwide is equivalent to 6.4% of global GDP.
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Or simplified to the individual case 6.4% of your turnover.
How likely is a company to engage in fraudulent practices?
Fraud Prevent & Detect considers as many as 65 data elements (categorised as financials, corporate management, activity, location, and status of the company) to judge the likelihood of companies engaging in fraudulent practices. Indeed, these types of companies exhibit specific characteristics and patterns.
With Fraud Prevent & Detect, you immediately find out how likely it is that your (potential) customer or supplier has fraudulent intentions. Much faster than a manual check, while the model also considers many more elements. By excluding companies from a further check because they are not suspicious, you get more time to scrutinise more thoroughly the doubtful cases with their suspicious signals.
Moreover, the model's degree of prediction is becoming increasingly accurate per sector and per customer, as the algorithm is constantly being adjusted based on smart artificial intelligence.
Community data: solidarity, fair play, and social justice
Solidarity is a word high on the wish list of all stakeholders working with Fraud Prevent & Detect. GraydonCreditsafe therefore collects a mass of data via the community to feed the algorithms and predict the likelihood of fraud even better. The users all pursue fair play and social justice. Because when different players join hands to tackle fraudulent companies, data from the community only enhances results across sectors.
After all, a company planning to make its move will not limit itself to one supplier. No, it will shop from several suppliers in the same sector. In this sense, the ecosystem is invaluable.
Fraud Prevent & Detect is the extra pair of glasses every company needs to detect fraudulent companies early.
If you look purely at creditworthiness, fraudulent companies stay neatly under the radar to bypass your controls. Make sure you are prepared. Be wary of manipulated, polished figures, fake identities, and invoices. These are the most common forms of fraud we encountered in the 1,200 or so cases GraydonCreditsafe collected to date. You need to spot the patterns before the fraudster can make his move. So, you can take preventive action and help eliminate fraud.
Request a demo of our Fraud Prevent & Detect solution.