Florida is one of the most desirable states in the country due to the many attractive beaches, the prudent consumer market, and preferred industry. There are over 21 million people and 2.5 million businesses in Florida, which leaves a lot of room for internal corporate deceit.
Under the authority of the Federal Trade Commission, there were 835 fraud reports for every 100k people in 2019 in Florida – a total of 177,838 reports of fraud that year.*
This does not include the many fraudulent activities that are not reported each year. Approximately two thirds of corporate frauds go undetected as claimed in a report published by Berkeley University. Corporations and individuals in Florida lost a total of $89.6 million from fraud in 2019, and Florida is ranked #2 for highest fraud rate in the United States.
In Florida, identity theft is the most frequent form of corporate fraud, usually with intent to use a stolen credit card or bank account information. Illegally collecting data for competitive advantage, whether maliciously or negligently, impacts many organizations in Florida as well.
Consider these facts while factoring for corporate fraud in your IT security budget this year to protect your Florida business:
Billing Disparities
Wire Transfers
Reimbursement Requests
Check-out Register Alterations
Payroll Conspiracy
Inventory Theft
Check Misuse
Company Credit Cards
Our Cognitive Computing approach means that we embed human logic and decades of anti-fraud expertise into pre-configured algorithms. Valire actually mimics and anticipates what a Florida fraudster thinks and does. For the first time, online monitoring and real-time detection allow control teams to automate their first line of defense.
“…we embed human logic and decades of anti-fraud expertise into pre-configured algorithms.”
“…significantly less expensive than most of the other large cumbersome fraud detection systems…”
Using a built-in dashboard, audit and compliance managers of Florida gain visibility and increased control. Implementation is a breeze typically taking 4-8 weeks. We provide a SaaS subscription model that is significantly less expensive than most of the other large cumbersome fraud detection systems that are out there. As a result of our IP, we are able to significantly reduce ‘false positives’, and utilize a prebuilt ever-growing library of fraud scenarios which ensures that we catch any sort of internal fraud no matter how complex or elusive. Learn More.
Many organizations in Florida are beginning to plan for an intrusion detection system (IDS) to identify misuse of data and money by individuals who have access to internal systems. These individuals can include employees, clients, partners, vendors, or others who have been granted access to programs or files on internal servers. Most intrusion detection systems use either signature-based or anomaly-based IDS systems, neither of which will capture all fraudulent transactions. Valire Software uses artificial intelligence and cognitive computing offering Florida companies complete visibility to all fraudulent activity, waste, and abuse.
Valire is the world’s first cognitive fraud detection solution, which uses groundbreaking AI and machine learning technology. Valire provides Florida businesses with an automated and customizable platform to continuously monitor organizational IT systems and detect business transactions and events that correspond to high-risk fraud patterns.
Contact Valire Software today to get started on a journey to protecting your Florida business from intrusion and fraud. Valire Software offers a cloud-based, easy to use intrusion detection system and fraud detection solution.
