Detect Fraud and Manage Risk with
FirstStrike® Fraud Detect
APEX Analytix FirstStrike Fraud Detect is an innovative software solution that provides the continuous, automated protection you need to identify and mitigate business risks across your global operations – from fictitious companies submitting bills to employees colluding with vendors or running fraud schemes of their own. You get comprehensive protection from bad actors and scam artists, whether they are outside your business or on your own payroll.
FirstStrike Fraud Detect gives you both individual and composite risk scores to tackle fraud head-on, including the industry’s most comprehensive collection of protective tests, algorithms and data sources. You can proactively monitor every vendor and every invoice every day. Fraud Detect scores suppliers and employees based on risk factors and generates the comprehensive data needed to conduct a thorough investigation.
What’s more, Fraud Detect works seamlessly with any procurement or payment platform – commercial or homegrown – to give you effective protection companywide.
- Provides continuous, proactive fraud monitoring across multiple systems and data formats.
- Leverages innovative APEX Archimedes™ cognitive technologies, including machine learning, robotics, and IBM Watson®.
- Quickly combs through tens of thousands of invoices looking for suspicious patterns – protecting you before a single payment is disbursed.
- Includes ready-to-use reports that can be easily configured to your specifications.
- Produces a clear, actionable analysis, in an easy-to-use workbench, prioritized by risk scores.
- Automatically sources global lists of prohibited vendors (OFAC and others).
- Produces detailed vendor profiles.
- Identifies overlapping employee-vendor relationships.
A proven track record for fraud detection among Global 1000 companies, helping them identify and take action on:
- Fake business entities
- Billing scams
- Conflicts of interest
- Employee-supplier collusion
- Regulatory compliance issues and policy violations
- Prohibited entities (vendors sanctioned by OFAC and others)
- Vendor agreement violations
- Vendor risks and anomalies
APEX Analytix Vendor Risk Analysis Service
Certified fraud examiners identify your highest risk suppliers
In addition to licensing our FirstStrike Fraud Detect software, APEX Analytix offers a Vendor Risk Analysis Service delivered by our team of certified fraud examiners (CFEs) and forensic auditors. We begin with a comprehensive data analysis using FirstStrike Fraud Detect, but then take a deep dive into other potential risks within your vendor community. We uncover conflicts of interest, lapsed business licenses, liability concerns and much, much more. A detailed assessment report gives you a roadmap for remediation and improved controls – including detailed vendor risk profiles and employee-vendor risk matching.
With FirstStrike, the Choice Is Yours
In addition to Fraud Detect, we offer other modules with the procure-to-pay controls and analytics you need to support your operations.
The Corporate Fraud Epidemic – And What You Can Do About It
If you are a CFO, a Controller, or a Head of Finance, Shared Services, or Accounts Payable, and if you are concerned about reducing the risk of fraud, then don't miss this white paper by Tasha Bailey, which provides real-world examples of global fraud, statistics on the occurrence of fraud, and tips for identifying fraud. It also describes what you can do to reduce your risk.
Continuously Protect Your Global Disbursements
Even companies with rigorous internal protections struggle to stay ahead of sophisticated fraud scams. With APEX Analytix FirstStrike® Fraud Detect, though, you get the continuous, automated protection you need to identify and mitigate risks across your global operations.
Continuous Automated Protection
Today’s technology-driven business environment can be a haven for fraud perpetrators who are eager to strip unsuspecting companies of valuable financial assets. Nowhere are the challenges greater than in the procure-to-pay cycle, where unscrupulous vendors and employees can cost you dearly. APEX Analytix FirstStrike® Fraud Detect can help by evaluating your risks and producing the actionable information you need to intervene. Want to know more?
Benefit from a Complete, Independent Assessment
APEX Analytix offers a technology-powered Vendor Risk Analysis that can give you the upper hand against fraud and other vendor risks. Our auditors and certified fraud examiners analyze all your vendor-related information using APEX Analytix FirstStrike® Fraud Detect – a powerful software tool that can quickly process large data stores from multiple procurement, payment and human resources systems.
Benefit from a Complete and Independent Assessment
You may think your vendors represent little potential risk to your organization, especially if you have prevention-based controls in place. Yet the threats can be real – from costly fraud scams to questionable business practices. Failing to vet suppliers completely can impact your profitability and even tarnish your brand. APEX Analytix offers comprehensive Vendor Risk Analysis services that can give you the upper hand. Want to know more?
This global powerhouse in electronics and electrical engineering created a shared services organization to support its financial operations in North America. Their shared services team looked for ways to prevent overpayment errors and fraud and executives there turned to APEX Analytix for help.
FirstStrike Fraud Detect automatically analyzes data to uncover risks and to deliver the details you need to investigate and take action.