At any time, customer can file a chargeback under any reason code. Chargeback not only effect profits but also, the image of the business. Lesser the chargeback ratio better will be the reputation of the business. We, at Chargebackexpertz, provide tools and technology that prevents chargebacks and in case, you get one, we will help you fight that chargeback.
Uncovering Fraud Dilemmas - cVidya in London May 2012cVidya Networks
Presentation on uncovering the recent dilemma that fraud departments face – today and tomorrow given by Jason Lane-Sellers, cVidya's Fraud Expert, at Arena International's Revenue Assurance, Fraud Reduction and Cost Management in Telecoms 2012 conference in London.
Revenue Assurance, Fraud Reduction and Cost Managment in Telecoms ConferenceArena International
Revenue Assurance, Fraud Reduction and Cost Management in Telecoms 2010 offers practical and effective strategies you can implement in your business to optimise revenue assurance and control costs. Building on the feedback from our successful 2009 event, the 2010 conference features more case studies from operators, VMNOs and ISPs than ever before, and a new focus on combating telecoms fraud.
Held on the 11 and 12 May 2010 in London is the biggest and most eagerly anticipated conference in the EMEA, and will bring together key industry experts to provide answers to current topical questions. From coping with the global economic recession and effectively controlling roaming revenues to limiting bad debt, this conference will provide insight on how to solve the critical issues that you face in the industry today.
Monetizing Big Data with Streaming Analytics for Telecoms Service ProvidersCubic Corporation
The SQLstream Blaze (http://www.sqlstream.com) real-time data hub enables telecommunication service providers to leverage their streaming Big Data, and to integrate and analyze streams of CDR, device, network and service data in real-time. Streaming analytics and automated actions can be used to optimize service and network performance in real-time, optimize Customer Care workflows for efficient troubleshooting and reduced costs,and real-time fraud detection and prevention from CDR analytics. The result is improved operational efficiency, better delivered services and an customer satisfaction.
Online Fraud Detection Using Big Data Analytics WebinarDatameer
With the ease and convenience of the internet, shopping online has never been faster and simpler than with a click of a button. But with this convenience, lurks the consequence for online fraud.
Companies and merchants lose valuable time and money to online thieves scamming the web. Learn how to identify patterns with Datameer and Trustev as they demonstrate how to take control of the situation and combat combat against suspicious activity by using big data analytics.
In this webinar, you will take away:
*An understanding of the complexities and challenges of online fraud today
*Best practices for merchants and companies to protect themselves from fraud
*A demonstration of fraud reporting, prevention and prediction
At any time, customer can file a chargeback under any reason code. Chargeback not only effect profits but also, the image of the business. Lesser the chargeback ratio better will be the reputation of the business. We, at Chargebackexpertz, provide tools and technology that prevents chargebacks and in case, you get one, we will help you fight that chargeback.
Uncovering Fraud Dilemmas - cVidya in London May 2012cVidya Networks
Presentation on uncovering the recent dilemma that fraud departments face – today and tomorrow given by Jason Lane-Sellers, cVidya's Fraud Expert, at Arena International's Revenue Assurance, Fraud Reduction and Cost Management in Telecoms 2012 conference in London.
Revenue Assurance, Fraud Reduction and Cost Managment in Telecoms ConferenceArena International
Revenue Assurance, Fraud Reduction and Cost Management in Telecoms 2010 offers practical and effective strategies you can implement in your business to optimise revenue assurance and control costs. Building on the feedback from our successful 2009 event, the 2010 conference features more case studies from operators, VMNOs and ISPs than ever before, and a new focus on combating telecoms fraud.
Held on the 11 and 12 May 2010 in London is the biggest and most eagerly anticipated conference in the EMEA, and will bring together key industry experts to provide answers to current topical questions. From coping with the global economic recession and effectively controlling roaming revenues to limiting bad debt, this conference will provide insight on how to solve the critical issues that you face in the industry today.
Monetizing Big Data with Streaming Analytics for Telecoms Service ProvidersCubic Corporation
The SQLstream Blaze (http://www.sqlstream.com) real-time data hub enables telecommunication service providers to leverage their streaming Big Data, and to integrate and analyze streams of CDR, device, network and service data in real-time. Streaming analytics and automated actions can be used to optimize service and network performance in real-time, optimize Customer Care workflows for efficient troubleshooting and reduced costs,and real-time fraud detection and prevention from CDR analytics. The result is improved operational efficiency, better delivered services and an customer satisfaction.
Online Fraud Detection Using Big Data Analytics WebinarDatameer
With the ease and convenience of the internet, shopping online has never been faster and simpler than with a click of a button. But with this convenience, lurks the consequence for online fraud.
Companies and merchants lose valuable time and money to online thieves scamming the web. Learn how to identify patterns with Datameer and Trustev as they demonstrate how to take control of the situation and combat combat against suspicious activity by using big data analytics.
In this webinar, you will take away:
*An understanding of the complexities and challenges of online fraud today
*Best practices for merchants and companies to protect themselves from fraud
*A demonstration of fraud reporting, prevention and prediction
Accounts Payable Fraud: Keys to Detection and PreventionCase IQ
An organization’s accounts payable (AP) department offers many opportunities for fraud – by both internal and external perpetrators. After all, any money leaving the organization goes through this department. Fortunately, many accounts payable fraud schemes are easy to detect, as long as you know what to look for. They are also preventable, with strong controls and oversight.
Join Peter Goldmann, CFE and president of FraudAware, as he outlines strategies for detecting and preventing accounts payable fraud.
The webinar will cover:
Common accounts payable fraud schemes
Red flags of accounts payable fraud
How to implement effective accounts payable fraud detection measures
Best practices for accounts payable fraud prevention
Prevention and detection strategies from actual AP fraud cases
An overview of the FRAUD Solution specific for the GCC market. Includes specific policy rules, negative data and scorecards built upon 350000 historic accounts.
February 6, 2014 presentation to Community Bankers Association of Georgia's BSA Officer's School covering Money Services Businesses (MSBs), Bank Secrecy Act / Anti-Money Laundering (BSA/AML), Office of Foreign Asset Control (OFAC), and operational considerations.
Discover the ultimate guide to purchasing verified Wise (formerly TransferWise) accounts. Explore the benefits, risks, and crucial tips for a secure transaction. Unlock seamless international transactions with confidence today!
Discover the ultimate guide to purchasing verified Wise (formerly TransferWise) accounts. Explore the benefits, risks, and crucial tips for a secure transaction. Unlock seamless international transactions with confidence today!
PRO HAWK - Holistic, Proactive, Real-time, Integrated Approach of Fraud & R...Jerome Salecious J
PRO HAWK - Holistic, Proactive, Real-time, Integrated Approach of Fraud & Risk Management system.
The same methodology can replicate or implement in any domains like Telecom, Banking, Financial, Non Financial, Payment Gateway, Point of Sale (PoS), Anti Money Laundering (AML), E-commerce, M-Commerce, Mobile Money, E-wallet, Cashless & Regular mode of payments.
Internal Audit in Retail Industry UAE.pptxRishalHalid1
The retail and distribution sector faces an unexpected and rough landscape, as well as risks related in providing an adequate customer engagement across physical, internet, and social channels. Retailers are still adjusting to these and other variables that have resulted in the creation of new thought processes and strategies. Despite the fact that consumers are investing again after the pandemic, their behaviour has completely altered.
Streamline vendor onboarding process through automation with a vendor management software-quick approvals-seamless data capture-improved vendor relationship.
Accounts Payable Fraud: Keys to Detection and PreventionCase IQ
An organization’s accounts payable (AP) department offers many opportunities for fraud – by both internal and external perpetrators. After all, any money leaving the organization goes through this department. Fortunately, many accounts payable fraud schemes are easy to detect, as long as you know what to look for. They are also preventable, with strong controls and oversight.
Join Peter Goldmann, CFE and president of FraudAware, as he outlines strategies for detecting and preventing accounts payable fraud.
The webinar will cover:
Common accounts payable fraud schemes
Red flags of accounts payable fraud
How to implement effective accounts payable fraud detection measures
Best practices for accounts payable fraud prevention
Prevention and detection strategies from actual AP fraud cases
An overview of the FRAUD Solution specific for the GCC market. Includes specific policy rules, negative data and scorecards built upon 350000 historic accounts.
February 6, 2014 presentation to Community Bankers Association of Georgia's BSA Officer's School covering Money Services Businesses (MSBs), Bank Secrecy Act / Anti-Money Laundering (BSA/AML), Office of Foreign Asset Control (OFAC), and operational considerations.
Discover the ultimate guide to purchasing verified Wise (formerly TransferWise) accounts. Explore the benefits, risks, and crucial tips for a secure transaction. Unlock seamless international transactions with confidence today!
Discover the ultimate guide to purchasing verified Wise (formerly TransferWise) accounts. Explore the benefits, risks, and crucial tips for a secure transaction. Unlock seamless international transactions with confidence today!
PRO HAWK - Holistic, Proactive, Real-time, Integrated Approach of Fraud & R...Jerome Salecious J
PRO HAWK - Holistic, Proactive, Real-time, Integrated Approach of Fraud & Risk Management system.
The same methodology can replicate or implement in any domains like Telecom, Banking, Financial, Non Financial, Payment Gateway, Point of Sale (PoS), Anti Money Laundering (AML), E-commerce, M-Commerce, Mobile Money, E-wallet, Cashless & Regular mode of payments.
Internal Audit in Retail Industry UAE.pptxRishalHalid1
The retail and distribution sector faces an unexpected and rough landscape, as well as risks related in providing an adequate customer engagement across physical, internet, and social channels. Retailers are still adjusting to these and other variables that have resulted in the creation of new thought processes and strategies. Despite the fact that consumers are investing again after the pandemic, their behaviour has completely altered.
Streamline vendor onboarding process through automation with a vendor management software-quick approvals-seamless data capture-improved vendor relationship.
1. Fraud – A controllable
cost
Edward Pacey FICM FACP
EP Credit Management & Consultancy Ltd
2. Commercial Fraud
Commercial fraud was at one time viewed as
opportunistic. In an electronic age with fast, slick
business transacting it has developed and matured
into a sophisticated process, patient in its approach,
very knowledgeable of the sector it targets and quite
adaptable to process check implementation. It has in-
depth knowledge of the supplier and industry and
presents new challenges in management and
prevention.
“You only find out who’s swimming naked when the
tide goes out”
(Warren Buffet)
3. Why it happens
Vast bottomless market that will accept product/goods, no
questions asked
Volatility of demand and pricing – market pressures
Fast obsolescence of some product e.g.
Technology/Telecoms/Media/FMCG
Ease and speed of transactional business but slower and
inadequate control processes
Lack of Police interest or application either pre or post
fraud detection
Embarrassment factor – few will pursue or admit to fraud
The “greed” factor
Ignorance of the risk
No cohesive risk management strategy or control
E-commerce, email and web based applications
High Sales staff turnaround
Unrealistic Sales targets
Vendor pricing and discount structure
4. When it Happens
Late on Friday
Month end
Quarter end
Year end
Restricted supply chain/inventory off-load
Recessionary periods
Pressured Markets with suppressed sales activity
Seasonal periods
New product launches
When control processes are not evident
5. Manage the Risk
Ensure Credit Policy incorporates a detailed
operational process designed to manage the risk of
fraud and critically, ensure everyone in the
organisation is aware of the process and regularly
reminded and updated
Set out specific areas of responsibility, process
checks and regular audit to ensure compliance
Areas covered should include account set up,
database management, purchasing, despatch,
warehousing, freight forwarders, finance and
recruitment of new and temporary staff
Understand the risk of commercial fraud may be
internal as well as external – both require equal
attention
6. Safeguards
Never set up an account until you have
processed/checked this fully
Scrutinize the application in terms of quality and
completeness
Always validate data supplied through a third party
provider
Consider references given and general content
Check and validate any delivery address point
Be wary of mobile phones that remain unanswered
Question applications from alternative fax numbers
Consider the applicant’s profile
Remain conscious of identity theft and company hi-
jack
Be vigilante of anomalies e.g. odd looking email
addresses
Be cautious of long firm fraud tactics
Implement efficient dispute management control
7. Safeguards
Is the quantity out of proportion with normal order
values?
Is the product in short supply or push to reduce
inventory
Is the margin unusually high or ridiculously low?
Is it suddenly to be delivered to another address or
collected?
Is product ordered not the type usually supplied to
this client?
Is the order unsolicited
Is the delivery to address out of sync?
Was there no “quibble” on pricing and quotation?
Is the order confirmed in writing?
Is the buyer familiar or new?
Are sales over-performing against target?
8. Safeguards
In cases of pre-payment, do not release goods until
funds are in your account and cleared
Where bank drafts are issued, validate the beneficiaries
name and value
Adopt a policy of restricting first time or large value
credit card payments
Avoid using telephone numbers on account applications
to validate approaches, orders or payment
Never allow collection of large first time order
Do not allow last minute changes to delivery points
without thorough checks
Validate delivery to addresses
Restrict database management menus internally
Consider carefully financial information filed (too early
or inconsistent)
Note sudden changes to registered office and director
details
Do not cut corners despite intense sales pressure
9. Safeguards
Brief Sales and other relevant areas frequently on the risk
of fraud
Obtain faxed written confirmation of address changes and
validate with call back
Regenerate inactive/lapsed credit accounts
Retain detail of detected fraud, build your own database
Subscribe to third party fraud prevention networks
Share data with others and pool information
Work with business information provider networks
Use Credit forums to share experiences and develop
counter measures
Do not amend supplier bank details without full
qualification and validation
Read emails fully, including the originating email address
Ensure no conflict of interest in a Sales environment
Separate purchasing and sales functions
Check and validate any new suppliers