Fraud and Billing Schemes
Identify Early Indicators of Occupational Fraud and Billing Schemes
Approva’s Approach
Approva continuously monitors your critical business applications for early indicators of potential fraud and billing schemes. Comprehensive, automated monitoring strengthens controls and puts a more effective deterrent in place to reduce the risk of fraud. By automatically enforcing a series of corporate policies, suspicious activity is immediately identified and stopped. This strengthens internal controls, reduces business risk and reduces cash losses due to fraud.
Key Benefits
Reduce Cash Losses from Fraud and Billing Schemes
By identifying risks early and proactively notifying appropriate managers who can take action in a timely way, Approva reduces cash losses due to fraud and billing schemes. Any high risk incidents are discovered immediately, reducing loss.
Reduce Risk of Damaging Fraud Occurrence
Through continuous and comprehensive monitoring, Approva puts more effective and preventive controls in place, reducing the likelihood that fraud can go undetected. Stronger controls also deter individuals and reduce the opportunity for fraud to occur.
Ease SAS 99 Compliance
By strengthening controls and continuously enforcing corporate policies against fraud, Approva can ease SAS 99 compliance and reduce risk of fraud findings as part of an audit. Approva can automate your processes for preparing and executing audits—both internal and external—and reduce the likelihood that any surprises are discovered.
Additional Product Resources
Common Types of Fraud and Billing Schemes
- Shell Companies: Phony organizations used to pay fictitious invoices
- Non-Accomplice Vendors: Intentional mishandling of vendor payments in order to make fictitious payments to an employee
- Personal Purchases: Unauthorized purchases using company accounts such as a corporate procurement card