Are You Watching?13th October 2015
Maybe it’s happened to you personally. Maybe it’s happened to someone you know. Maybe you’re of the opinion that it can’t happen to you because you’re “aware”. Are you wondering what “it” is? It is Fraud. A big ugly word that encompasses any wrongful or criminal deception intended to result in financial or personal gain. It also defines a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities. Many of us understand the personal impact of fraud, but how does this apply to the companies we work for and own?
Fraud in America is a major concern with over $3.7 trillion dollars lost annually by businesses around the world. And unfortunately, this number is growing. Many companies have invested in fraud prevention tools, but few companies have proper fraud detection mechanisms. Research has shown that proactive data monitoring and analysis is the most effective fraud detection solution, reducing loss by up to 60% (www.acfe.com).
Good news! EmeraldCube has developed FraudPatrol for JD Edwards EnterpriseOne. FraudPatrol is an innovative solution that proactively detects and alerts suspicious transaction activity by closely monitoring JDE production data. The solution focuses on securely detecting issues and notifying designated personnel within the organization when breaches occur, proactively stopping fraudulent activity before it’s too late.
FraudPatrol utilizes transaction monitoring and sophisticated pattern analysis techniques along with log mining, to proactively detect, flag and notify auditors and controllers of any suspicious business activity. The solution performs real-time analysis of payroll and financial transactions most likely to result in asset misappropriation, which makes up an estimated 85% of corporate fraud activity. In addition to financial transactions, FraudPatrol also monitors closely the activity of JD Edwards and System Administrators (CNC), who typically have unrestricted access to JDE.
Most of the time, the thought of someone watching over you is creepy. In the case of your business, it just makes sense. Check out FraudPatrol to effectively detect potential fraud within your JD Edwards EnterpriseOne environment. To learn more, visit emeraldcube.wpengine.com/fraudpatrol/.