Wednesday 29 February, 2012

FISCAL Technologies launches additional checks to detect fraud

FISCAL Technologies’ providers of world-class accounts payable audit software, have built additional checks into its AP Forensics® suite which provides continuous transaction monitoring to help protect against rapidly growing corporate fraud. The National Fraud Authority states that there has been a 25% year on year increase. In fact they state that one of the main growth areas has been the increase in employee fraud – amounting to more than £1.4bn in 2011.

FISCAL stress that it’s more important than ever to secure Accounts Payable processes and corporate payments. Although fraud can never be eliminated it can be reduced and exposed. FISCAL’s AP Forensics® suite provides a solution that constantly monitors transactions within the Accounts Payable ledger to detect for supplier fraud, compliances issues, invoicing errors and duplicate payments. Furthermore by providing this insight, it empowers Accounts Payable to lock down processes and drive cost-efficiencies.

Chris Windsor, Head of Customer Development states; “with the new checks and constant monitoring our customers, now have the tools to protect their spend and demonstrate to their auditors how they are reducing risk within their financial processes”.