Data Analytics Detect and Prevent

It is estimated that businesses lose billions of dollars every year to fraud through asset misappropriation. Would you know if there were fraudulent disbursements occurring in your organisation?

Expense reimbursements, billing and payroll schemes are amongst the most costly and frequent methods of fraudulent disbursement. Because these types of fraud are committed by employees at work they can be difficult to detect.

Detecting fraud early reduces losses

A May 2014 study by the Association of Certified Fraud Examiners found that the median loss suffered by the 1,483 victim organisations surveyed was $145,000 (with 24% losing over $1 million) and that fraud continued undetected for 24 to 36 months. Where data analytics was used as a fraud fighting technique, frauds were 60% less costly and 50% shorter in duration.

Best fraud detection method

Data Analytics has become widely recognised as one of the best ways to prevent fraud, with the 2014 study ranking it the best out of 11 fraud detection methods. Data analytics can detect anomalies in billing and payroll areas early and dramatically reduce the cost and duration of fraudulent schemes.

Our data analytics services

Accru can assist you to implement data analytics cost-effectively in your organisation. Through our data analytics service, suppliers’ details can be matched, ABNs checked for their validity, duplicate payments, invoices or employees identified, and employees’ bank account details checked to suppliers’ bank account details – preventing common fraudulent disbursement schemes.

See our fact sheet on how data analytics works or contact us now to discuss how we can assist you with fraud prevention.

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Accru is an award-winning network of independently-owned accounting firms in Australia. We help businesses grow, thrive and generate wealth for their owners…

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Our people are naturally experts in their field. With a team of 200 across Australia, you’ll find a myriad of skills to help manage your business and financial challenges.

Accru Data Analytics Experts
adelaide
Ben works collaboratively with clients and avoids ‘us and them’ situations, which often create inefficiencies and culminate with a bland report to management.
hobart
Tim specialises in helping clients plan for the future with a focus on maximising business value.
melbourne
He now leads the audit team within our practice that has experienced strong growth over the past five years.
sydney
Steven specialises in external auditing, due diligence, initial public offerings, stock exchange listings and financial reporting.
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