Valire Software discovers fraud that other internal fraud detection solutions cannot detect.
Valire accurately detect complex, high-risk, and low-frequency events at a cost effective TCO.
Our turnkey internal fraud detection connects to existing systems – ERP, DWH and proprietary systems in a read-only mode, eliminating the need for expensive integrations.
Our proprietary detectors cover a full spectrum of fraud scenarios and deliver real-time alerts backed by detailed case-scrutiny. These alerts present actionable insights to prevent fraudulent activities before they occur.
Our false-positive reduction algorithms streamline these processes even further, lessening the need for administrative intervention.
Valire Software enables banks to avoid loss of reputation and millions in penalties from regulatory compliance violations, and ensures vendor management is clean without loss of income from real or bogus invoices and inquiries.
We specialize in the departments that are underserved in the fraud detection space – securing customers’ accounts against misappropriation by their trusted banker, operations & logistics, accounts payable, vendor management, and procurement. Moreover, we build additional detectors to identify other types of internal fraud and financial risk depending on the individual bank’s needs. Our extensive library of fraud scenarios aligned with a case-developed framework delivers a comprehensive solution that meets the unique needs of banks and financial institutions.
Valire Software analyzes data in context directly in the ERP system. Logistics & operations is not always a core competency and AI has historically been less effective without the availability of big data, so fraud detection usually takes a backseat and often only discovered by a manual audit too late. Many banks are locked into legacy ERP systems, which have been untouchable by anti-fraud systems due to the lack of data. Valire is the only solution on the market that is able to use the cognitive advantages of AI to find fraud without big data analytics.
Each instance of Valire Software is completely customizable and unique to the needs of individual banks since each bank will require different types of detectors across the organization. Tackling financial risk between employees and the bank or customers and the bank has always been a priority. Valire’s custom-development of each implementation ensures that these needs are met on a detailed and case-oriented level. The out-of-the-box detectors are only the beginning. Valire’s technology and cognitive logic constantly learns new possibilities of internal fraud within the monitored system.
Valire software integrates with the ERP to analyze every transaction in context. Even though big data is not available, Valire is able to take the obtainable data and turn it into a business case to analyze it and identify anomalies using human logic. This minimizes the need for human-driven controllers because the system monitors 100% of transactions in real time. While human logic is the advanced intelligence that is needed to contextually inspect every activity, the power of computing eliminates the possibility of human error in that analysis.
“Valire software integrates with the ERP to analyze every transaction in context.”
“…discover fraudulent activity and deliver an actionable alert of the event.”
During implementation, our software charts the ERP system and business practices and then examines historical records with our exclusive collection of pre-configured fraud scenarios. The system constantly monitors all transactions and alterations to the ERP instantaneously and then assigns each event to its appropriate business process. Once mapped, the solution compares the activity to the library of fraud scenarios and the customized detectors to discover fraudulent activity and deliver an actionable alert of the event.
Valire’s banking compliance software uses AI context detectors led by cognition to continually monitor corporate IT systems, verify specific processes as part of the overall business process, and detect fraud incidents that match our large library of fraud scenarios in these concise steps:
Valire Software offers Dashboards and Reporting that are interactive and intuitive for better reporting and judgment. It includes:
Accurate data – It provides a broader set of insights than traditional analytics, allowing banks to gain a better view of prospective risks and, as a result, accurately predict risk.
Fewer missed fraud activities – Fraud actions that go undetected can jeopardize federal banking regulations compliance. Valire Software enables faster detection of fraud activities, ensuring that the bank remains compliant at all times.
More efficient – In comparison to other existing systems, Valire Software can monitor a huge number of banking transactions and detect fraud in a far more sophisticated manner with far fewer resources.
Less need for administrative intervention – Valire Software is self-contained and does not require regular monitoring, allowing the IT department to focus on other aspects of compliance regulation.
Streamlined processes – Cognitive computing increases production while lowering expenses by increasing the rate at which decisions are made about a transaction.
Rapid deployment – Valire Software can be deployed within 8-16 weeks
Level up your bank fraud system with Valire’s Fraud Detection Software. For all of your internal fraud concerns, contact Valire today! Valire Offers cloud or on-premise deployment, demonstration of concept using historical data, configuration and tweaking to the client’s business processes (8-16 weeks), pre-configured fraud scenarios in a divergent thinking library, and dashboards that are interactive and intuitive for effective reporting and decision-making. As you proceed, we fine-tune system parameters in response to false-positive warnings. Contact us today to learn more about our SaaS paradigm with continuing support and updates.