According to the Office of National Statistics’ 2016 fraud report, there was an estimated 3.8 million offences related to bank and credit account fraud, fraudulent access to bank, building society or credit accounts and use of plastic card details. In the UK alone, the annual cost of fraud is estimated to be as high as £193bn with no sign of it slowing down.
Earlier in 2017, several of the UK’s biggest banks were alleged to have transferred hundreds of millions of pounds thought to be linked to criminals and corrupt officials. Despite the banks insisting that they had appropriate measures in place to tackle this kind of activity, there were 1,920 fraudulent transactions totalling nearly £600m that went through. With such a large value of transactions failing to be identified, surely there is more that can be done to identify and highlight fraudulent activity.
Using Audit Analytics to identify fraud
You can’t deny the fact that financial fraud is on the rise. The value of fraud committed in the UK in 2016 topped £1bn – and as technology continues to evolve, so do new ways to bypass accounting/finance systems and make fraudulent transactions look ‘legitimate’. In order for firms to protect client transactions, it is imperative that businesses – not just banks or finance institutions – have transaction analytics, auditing and monitoring solutions available to help them interrogate and review transactions.
To combat fraudulent activity we have developed one of the most intuitive software tools on the market today – CaseWare’s Point and Click Analytics. This powerful data analysis and audit support application helps businesses to interrogate, verify and review data at transactional level. Point & Click Analytics has been designed with the user experience in mind, so is extremely easy to use and can quickly improve efficiency, help accounting firms and businesses to identify transactional risk and add value at every phase of the analysis process.
Data Analysis & Audit Support System
Point & Click Analytics comes with built-in validations and pre-defined tests to cover sampling, analysis and investigative work. The pre-defined tests allow you to assess your data against set parameters and identify or flag any activity that falls outside of these parameters. The tool can also identify risks, errors and anomalies within transactions to support fraud investigation.
For more representative reporting, Point & Click Analytics supports interactive graphs, allowing you to demonstrate and compare results side-by-side, digging deeper into your data and identify underlying trends that may have been previously missed.
Furthermore, as a Cloud technology, your teams can collaborate on data analysis in real-time, within the same environment regardless of their location. The cloud-based validation and review of transactions is quicker and therefore makes it far more efficient to investigate fraud.
This is just the ‘tip of the iceberg’ when considering what Point & Click Analytics can do, the best way to truly understand what the tool is capable of is to book a demo and see how it can work for your business.