Internal fraud is an ever-growing problem, depriving companies of their revenues, consuming precious management attention and hurting brand reputation. Internal frauds are difficult to revel because they are camouflaged as legitimate business transactions.
Valire is the first & only solution for automated detection of internal fraud.
Valire system continuously monitoring and analyzing each and every business process instance to revel fraudulent attempt in real-time. Valire system, deployed and configured in any company in a matter of few weeks, safe guard business integrity 24/7, alert on specific fraud instances in real-time to protect enterprise’s assets and reputation.
Valire system is combined of 5 sub-systems:
- Read-only plugin to IT systems’ data bases
- Business documents & business processes generator
- A library of Out-of-the-box, pre-configured fraud detectors
- Artificial Intelligence Analytics
- User Interface: Real-time e-mail alerts & interrogation portal
Returned goods fraud – Distributors of a major food manufacturing & distribution company, set an elaborated fraud scheme in collaboration with grocery stores to create false reports on return goods at a yearly cost of more than $5,000,000
Free of charge automobile parts – Importer & distributor of automobiles parts neglected to charge licensed service centers on items imported on a fast track procedure. Financial damage of $100,000 per month, for many months.
Down payments deduction – pA major utility supplier failed to account, on a regular basis, for advanced payment made to suppliers on large scale projects. Extent of un-accounted-for payments was several $millions a year.
Double charges on service provided – Multiple instances, in many companies, in which service providers find weak points in client’s invoicing approval procedure, allowing them to charge twice for same service rendered.
Many years of exploring the symbiose between humans and IT system has led us to the understanding that business processes, accounting regulations, as well as fraud schemes, are all human concepts. Identifying the structures of human concepts in the enterprises IT systems, enable us to detect occupational fraud and to automate the detection. Valire’s mission is to free management and employees alike to focus on value creation, allowing increased business agility, transparency and assurance.