Average Ratings 0 Ratings

Total
ease
features
design
support

No User Reviews. Be the first to provide a review:

Write a Review

Average Ratings 0 Ratings

Total
ease
features
design
support

No User Reviews. Be the first to provide a review:

Write a Review

Description

Benford's law serves as a tool for uncovering patterns indicative of improper disbursements. It involves examining audit trail reports from QuickBooks or other bookkeeping software to pinpoint unusual activities like voids and deletions. Additionally, it entails identifying multiple payments made for identical amounts on the same day. A thorough review of payroll runs is conducted to detect any payments exceeding the established salary or hourly rates. Payments made on non-business days are also scrutinized. Statistical calculations help in identifying outliers that may suggest fraudulent activity, and duplicate payments are tested for validation. Vendor files in accounts payable are analyzed for names that may be suspiciously similar, and investigations are conducted to uncover fictitious vendors. Comparisons of vendor and payroll addresses are evaluated using Z-Scores and relative size factor tests. While data monitoring and surprise audits have shown to significantly reduce fraud losses, only 37% of organizations implement these critical controls. For businesses employing fewer than 100 individuals, the average loss due to fraud is estimated at $200,000, highlighting that smaller enterprises often lack the necessary resources to effectively detect and address fraudulent activities. Consequently, it is essential for small businesses to adopt more robust fraud detection mechanisms to safeguard their financial integrity.

Description

With the increase in payment channels, the avenues available for fraudsters have also expanded, raising the potential liabilities for banks significantly. The rise of real-time payments, Open Banking, and digital interactions only serves to escalate these issues further. Conventional anti-fraud measures struggle to effectively thwart payment fraud, as they typically depend on numerous static and reactive rules that are inadequate for identifying emerging fraud patterns and often generate excessive false alarms. By utilizing cutting-edge 3D artificial intelligence (3D AI) technology, the NetGuardians platform, known as NG|Screener, provides real-time surveillance of all bank payment transactions, enhancing fraud detection while minimizing false positives. This advanced system pinpoints suspicious payments linked to social engineering tactics or scams, such as invoice redirection, romance fraud, and CEO impersonation, while also correlating these incidents with indicators of digital banking fraud, including eBanking and mBanking sessions compromised by malware or takeover fraud stemming from identity theft. As the financial landscape continues to evolve, innovative solutions like NG|Screener are essential for safeguarding banks and their customers against increasingly sophisticated fraud threats.

API Access

Has API

API Access

Has API

Screenshots View All

Screenshots View All

Integrations

No details available.

Integrations

No details available.

Pricing Details

$1,400 one-time payment
Free Trial
Free Version

Pricing Details

No price information available.
Free Trial
Free Version

Deployment

Web-Based
On-Premises
iPhone App
iPad App
Android App
Windows
Mac
Linux
Chromebook

Deployment

Web-Based
On-Premises
iPhone App
iPad App
Android App
Windows
Mac
Linux
Chromebook

Customer Support

Business Hours
Live Rep (24/7)
Online Support

Customer Support

Business Hours
Live Rep (24/7)
Online Support

Types of Training

Training Docs
Webinars
Live Training (Online)
In Person

Types of Training

Training Docs
Webinars
Live Training (Online)
In Person

Vendor Details

Company Name

MedCXO

Country

United States

Website

medcxo.com/fraud/

Vendor Details

Company Name

NetGuardians

Founded

2007

Country

Switzerland

Website

www.netguardians.ch/

Product Features

Fraud Detection

Access Security Management
Check Fraud Monitoring
Custom Fraud Parameters
For Banking
For Crypto
For Insurance Industry
For eCommerce
Internal Fraud Monitoring
Investigator Notes
Pattern Recognition
Transaction Approval

Product Features

Fraud Detection

Access Security Management
Check Fraud Monitoring
Custom Fraud Parameters
For Banking
For Crypto
For Insurance Industry
For eCommerce
Internal Fraud Monitoring
Investigator Notes
Pattern Recognition
Transaction Approval

Alternatives

Alternatives

Arden Reviews

Arden

Brightwell
Fraud.net Reviews

Fraud.net

Fraud.net, Inc.