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Challenge

Payment fraud is going undetected in your company.1

Although standard controls detect most fraud, billions are still lost annually to sophisticated criminals using social engineering and synthetic fraud to evade detection. The longer the fraud runs undetected the greater the financial and reputational damage.

1All statistics below from ACFE: Occupational Fraud 2022: A Report to the Nations®

$

1.7

M

The average loss per fraud case

The average fraud loss per case represents a massive financial damage for the business.

2

 years

The average fraud runs for two years before being detected.

The longer fraud goes undetected, the more losses could accumulate over time and become harder to recover.

$

4.7

T

Loss in revenue by organizations worldwide due to fraud annually

The typical organization loses 5 percent of its revenues to fraud each year—an estimated $4.7 trillion in losses worldwide.

Solution

Detecting The Undetectable

Many times fraud is hidden because small data points by themself don’t look suspicious, but when combined with additional data points…those same suppliers look suspicious.

 

apexanlaytix’s fraud detection continuously monitors your suppliers and transactions with them to identify activity that may be suspicious. Then, it helps you build your case.

Risk,Management,To,Prevent,Cyber,Threats,,,Fraud,,,Hacker
Analyze it all

  • Analyze it all

  • Monitor every invoice

  • Rank order risks

  • Take quick action

Analyze it all

apexanalytix Fraud Detection consolidates and analyzes all available data—not just a random sample. So you’ll have comprehensive results you can trust.

Sophisticated analytics flag suspicious vendors and transactions and even detect overlapping vendor-employee relationships.

Monitor every invoice

Continuously monitor the mountain of invoices submitted to your company for payment. Each is evaluated against a long list of risk factors associated with fraud—from consecutive invoice numbers to anomalies in the amount billed.

You can take action before a payment is made.

Rank order risks

Our comprehensive portfolio of reports will prioritize and rank-order risks so you know where to focus your attention first.

You’ll have a risk score for each vendor, detailed vendor profiles and business risk analyses, employee to vendor matches, prohibited entity matches and more.

Take quick action

Arm your investigators with all the facts they need to conduct a thorough review and take quick action.

Built-in reports can help you prioritize findings based on escalation procedures and requirements for assigned departments (corporate investigations, HR, audit, compliance or legal).

Features

Supplier Identity Flags

Employee collusion? Paying prohibited entities? apexanalytix continuously monitors your suppliers for critical changes to their risk profile and incorporates each subtle or significant change to the supplier's overal score to indicate potential fraud.

Fraud Detect

Prohibited Vendor Check

Over 2,000 entities and people have been placed on an OFAC list since the beginning of the Ukrainian war. Constant changes in the geo-political environment requires continuous monitoring to identify potential fraud and risk.

Invoice

Employee-Vendor Match

Research from ACFE's 2024 report on fraud indicates that a significant amount of fraudsters will be working from within the company. Simple checks like matching addresses, phone numbers, or bank info can uncover hidden fake suppliers stealing millions.

A transparent contract compliance recovery audit

Tax Authority Check

Based on 250,000 validations, 4% of suppliers tax ID fail. Why?

Maybe they are not a real company and only exist in your vendor master to steal from your company.

Transaction Flags

Transactions with suppliers provide the greatest indicator of potential fraud...if you know what you are looking for. Small indicators of fraud will go undetected unless continuously monitored and added together.

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Fraud Detect

Benford’s Law

The leading digits for invoices are most likely going to be smaller numbers, but when humans create invoice numbers they are not.

This is an indicator that someone may be creating a fake invoice rather than a machine creating the invoice number.

Comparison

Escalating Invoice Amounts

A common fraud practice is to sneak in with small invoice amounts that don't require many approvals.

Then after you are in, go big. Then go even bigger if those are successful.

A transparent contract compliance recovery audit

Consecutive Invoice Numbers

Consecutive invoice numbers would only occur if a supplier has one client: you.

Identifying suppliers that only exist to serve your company can identify entities set up just to steal from you.

Case Study: Bank Account Validation

Fraud to Zero:
Blocking Increasingly Creative Fraudsters With Technology That Replaces Manual Processes

“Bank account validation is an evolving practice. We’ve got to find technological advances to help us drive improvement initiatives and help us bring additional value to the company by deploying resources to other areas to create greater value.

“apexanalytix gives us the ability to do that.”

Director of Finance & Procurement at a $100B Company

Read the case study
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Supplier Management

Right. From the start.

apexanalytix's fraud dection is part of a comprehensive supplier management solution that replaces time-consuming, error-prone manual onboarding processes with a supplier-facing portal filled with automation and configurable workflows.

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Onboard

Faster Onboarding

Remove the collection of data via email exchanges with a supplier-facing portal.

Validations

Real-time Data Validation

1000+ trusted data sources to validate tax IDs, bank account, address, prohibited/PEP lists and more.

Questionnaires

Pre-built Supplier Questionnaires

Best practice, pre-built supplier questionnaires in ethics, IT, financial standing, business continuity planning, and highly configurable templates.

Workflows

Customized Workflows

Ensure compliance with highly configurable workflows that can be easily updated by the P2P team.

Trophy

Single Source of Truth

Bi-directional integration with every ERP to keep all data synced all the time.

Integration 02

Foundational Agnostic Technology

Integrate any P2P solution to simplify the admin and supplier experience.

Media Card
On-Demand Webinar: Bank Account Validation

Preventing Payment Fraud: Another Significant Advancement in Bank Account Change Controls

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Case Studies

Peak performers
pick apex.

Whether long-form webinars or in-person conference presentations, our clients love to share best practices - what drives measurable value - with their peers.

View All Case Studies

7x

faster average supplier onboarding
Independence Blue Cross Logo

“Game changing speed. Now we can do same day onboarding.”

Chuck Stefanosky, Supplier Diversity Director

53%

increase in supplier discounts taken annually
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“apexanalytix has exponentially changed our whole supplier onboarding process.”

Amy Platis, Director of Finance
Related Solutions

Ultimate supplier management.

Protect your company’s reputation and revenue from the first time you engage with a supplier and throughout the supplier lifecycle.

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Supplier Management

Every. All. 100%

A single, central supplier hub for every supplier, all of your policies and integration with 100% of your source-to-pay systems.

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Intelligent Data

Data in. Gold out.

The fastest way to validate and enrigh your third-party data with APIs tapping 1,000+ trusted data sources and 250M+ company golden records.

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Supplier Risk Management

Disrupt the disruption.

Catastrophic disruptions caused by supplier fraud and risk could happen anytime, to any business. Protect yourself with proactive supplier risk management technology.

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Audit & Recovery

Get it back. Get it all back.

Identify and recover every duplicate payment, statement credit and debit balance.

Learn More
Resources

Want to learn more?

Hundreds of product overviews, reports, customer-led webinars and on-demand product demos.

View All Resources
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Videos

Eliminating Bank Fraud Risk with apexportal

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Blog

Five Authentication Tactics to Fight Email Attacks, Fraud and the Risk of Sanctioned Suppliers – Three Years After the Start of the Pandemic

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News

Fraudsters Can Trick Your Eyes and Ears

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Ready to Roar?

Fill out our contact form and we will be in touch shortly to discuss how the apex platform can solve your fraud detection problems.

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