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features
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support

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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

WizSame identifies matching or nearly identical records that may be duplicates within a single dataset or across two different datasets. This tool can effectively pinpoint duplicate records, helping to expose inaccuracies and fraudulent activities, including instances like duplicate invoices for one purchase, repeated payments, and matching entries for customers, employees, vendors, and stock items. Additionally, WizSame can highlight whether an employee also exists as a vendor by cross-referencing the employee list with the vendor list. CRM administrators utilize WizSame to detect existing clients in a new pool of potential customers by revealing any records in the new dataset that closely match those in the current database. Users can specify the criteria for matching by determining whether each field should be treated as identical, similar, or ignored altogether. Furthermore, multiple conditions can be established and connected through logical operators such as and or or, allowing for a more tailored and precise matching process. This flexibility enables users to refine their search and improve the accuracy of their data analysis efforts significantly.

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

WizSoft

Founded

1983

Country

Israel

Website

www.wizsoft.com

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

CRM

Calendar/Reminder System
Call Logging
Document Storage
Email Marketing
Internal Chat Integration
Lead Scoring
Marketing Automation Integration
Mobile Access
Quotes / Proposals
Segmentation
Social Media Integration
Task Management
Territory Management

Alternatives

Alternatives

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