Palette Releases Whitepaper on Steps to Detect and Prevent Payments Fraud
May 13, 2020
Palette Software has published a whitepaper on how enterprises can reduce payments fraud in times of growth — and disruption.
Chicago, United States - May 13, 2020 /PressCable/ —
Palette Software has published a whitepaper on how enterprises can prevent payments fraud. Despite organizations recognizing the threat and actively implementing controls to reduce payments fraud, tactics are becoming more sophisticated and success more frequent.
The paper outlines 6 proactive steps organizations can make to reduce payments fraud in their organization.
Unsurprisingly, one of the reasons fraud has hit new heights may be that there has been a strong period of growth – and disruption. As rapid growth boosts the number of transactions a company handles, and disruption causes uncertainty, new opportunities to commit fraud arise.
Controls are often bypassed or overridden as current staff struggle to manage increased workloads, while new hires take advantage of lax recruitment practices put in place to fill positions quickly.
While only four percent of perpetrators have a prior fraud conviction, businesses may be infiltrated for the express purpose of conducting fraudulent activities.
This highlights the need for businesses to increase focus on protecting their bottom line by implementing and maintaining controls – especially during periods where oversight of indirect spend tends to be less rigid.
“Organizations can be proactive in this area,” said Michael Cichy, Palette Software, “by controlling indirect spending, automating data capture, implementing approval workflows, enhancing the audit process and using data analytics to detect patterns.”
Frauds detected using proactive IT controls tend to last five months with average losses of only $39,000, while schemes that went undetected jumped to almost $1 million at the two-year mark.
The whitepaper shows how occupational fraud (using one’s occupation for personal gain) cost businesses over $7 billion in just 21 months. At an average of $130,000 per case and an elapsed time of 16 months before a scheme is discovered, an estimated 50% of fraud cases can be directly attributed to a lack of internal controls.
Indirect spend, generally accounting for 15-27% of a company’s total revenue, is where the majority of occupational fraud takes place.
The paper outlines six controls to reduce indirect procurement and payments fraud from going undetected. It covers areas such as managing indirect spend, exposing fraud across purchase to pay functions, identifying attempts to conceal fraud, specific case studies and more.
The whitepaper, Top 6 Action Steps to Reduce Payments Fraud, is available for download:
https://www.palettesoftware.com/whitepaper/top-6-action-steps-to-reduce-payments-fraud/
Contact Info:
Name: Michael Cichy
Email: Send Email
Organization: Palette Software Inc.
Address: 330 North Wabash Ave. 23rd Floor, Chicago, Illinois 60611, United States
Phone: +1-508-341-8101
Website: https://www.palettesoftware.com
Source: PressCable
Release ID: 88956752
More News
ECAM Incubator Title ‘The Woodworm’ Explores Female Identity in the Shadow of an Artist Father
In “The Woodworm” (“El Corquim”), the feature debut of Laura Obradors, a teenage girl’s search for an identity of her own runs up against the authority of her father, a successful artist in creative crisis. Developed through Madrid’s ECAM Incubator, the project examines the power exercised inside a family and the artistic prestige that can […]
Hilary Duff Recreates Iconic ‘Lizzie McGuire Movie’ Moment at Trevi Fountain Replica Ahead of Wednesday Announcement
Hilary Duff got fans’ attention with a new video on Instagram on Tuesday (September 22)! The 38-year-old “Weather for Tennis” […] The post Hilary Duff Recreates Iconic ‘Lizzie McGuire Movie’ Moment at Trevi Fountain Replica Ahead of Wednesday Announcement appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
‘Fluorescent, Dirty and Sexy’: Eire Cid’s ‘The Imaginary Kings’ Presented at Madrid Film School (ECAM) Incubator
Of the five projects at the 9th Incubator program of the Madrid Film School (ECAM), Eire Cid’s debut feature “The Imaginary Kings” (“Los Reyes Imaginarios”) centers on the angst of male urban youth. “It is an irreverent and visceral project, with a stylized, anti-naturalistic aesthetic. Fluorescent, dirty and sexy, heavily influenced by urban culture,” Cid […]
'Landing role on Thomas & Friends was crazy'
Ellie-Mae Siame, 14, says she was "in shock" but excited at being a part of the beloved series.
Sister Group Strikes Partnership With Branded Entertainment Company Common Interest, Makes Minority Investment
Sister Group, Jane Featherstone and Elisabeth Murdoch‘s ever-growing transatlantic powerhouse, has entered the branded entertainment business by forging a strategic partnership with London-based company Common Interest, in which it has also taken a minority investment. The partnership with Common Interest, the communications and entertainment group founded by Anthony Freedman, brings together what it describes as […]
Liz Murdoch & Jane Featherstone’s Sister Group Takes Stake In Common Interest
Liz Murdoch and Jane Featherstone’s Sister Group has taken a minority stake in brands and advertising specialist Common Interest. The two organizations have agreed a strategic partnership and are already working together. Founded by Anthony Freedman, agencies including Amplify, 21st Century Brand and Baby Teeth are part of Common Interest. Sister Group, meanwhile, houses Black […]
Mariska Hargitay Confirms Christopher Meloni’s ‘Law & Order: SVU’ Return For Upcoming 600th Episode
Benson and Stabler are getting back together!!! Mariska Hargitay took to Instagram on Tuesday (September 22) to tease the return […] The post Mariska Hargitay Confirms Christopher Meloni’s ‘Law & Order: SVU’ Return For Upcoming 600th Episode appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
Robert Pattinson Says ‘The Batman 2’ Is ‘So Ambitious’ and a ‘Different Take’ on the Franchise: ‘It’s a Real Left Turn From the First’
Robert Pattinson is opening up about “The Batman: Part II” — and how it is a totally “different take” on the franchise than the first film was. “It’s so ambitious. I mean, I sort of said the other day on something that the first one was a different take on a Batman movie, and this […]
DWTS’ Adele Zaikman Is Dating a Fellow ‘The Next Pro’ Contestant (Report)
Adele Zaikman has a new man in her life! The 24-year-old new Dancing with the Stars pro is reportedly dating […] The post DWTS’ Adele Zaikman Is Dating a Fellow ‘The Next Pro’ Contestant (Report) appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
Lionel Richie shares major health update after undergoing heart procedure
Lionel Richie shares major health update after undergoing heart procedureLionel Richie is "doing great" after undergoing a heart procedure.The Hello crooner recently “underwent a common procedure for atrial fibrillation,” his representative said in a statement shared with People...
Trump Insists White House Ban On CNN & MS Now “Lawful Under The First Amendment”; TRO Hearing Showdown Set For Wednesday
Coming right up against a deadline set by a federal judge, the Justice Department tonight defended Donald Trump’s ban on CNN, Politico and MS NOW from the White House grounds. The response comes despite an outcry across media outlets that the restriction is a flagrant violation of the First Amendment. Leaning onto a Wednesday hearing […]
Is Judge Judy Retiring? What She Has Said About Leaving the TV Bench
Judge Judy is preparing to leave the television courtroom. Judy Sheindlin has confirmed that she is stepping away from on-camera […] The post Is Judge Judy Retiring? What She Has Said About Leaving the TV Bench appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
Recommended
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.