Massachusetts

What is Cognitive Computing?

Massachusetts is the most populated state in the New England region but one of the smallest states in the country. With almost 7 million residents, 12 well-known Fortune 500 companies, and close to 200k other businesses in Massachusetts, there is plenty of room for neglect, mistakes, and malicious activity.

intrusion detection system massachusetts

Massachusetts lost more than $25 million from corporate fraud in 2019. While ranked #23 for fraud rate in the United States, there were 8,606 reports of fraud – 125 out of every 100k people.

Berkeley University published a report in 2020 concluding the estimation that only a third of fraudulent activities are reported as fraud, meaning there are likely thousands of corporate fraud incidents that are not detected by company authorities in Massachusetts every year.

Identity theft is routinely the most common method of internal fraud, usually with the objective to gain unauthorized access to bank account information or credit card information. Massachusetts businesses are also commonly targeted with criminal intent to collect data for competition, negligently or maliciously.

More than half of identity theft reports were for credit card fraud.

These added factors need to be considered while planning for corporate fraud detection in your Massachusetts company:

  • Employees are the most likely to cause internal fraud in your business, but vendors, partners, and clients, or anyone else with internal access to systems and programs can cause the same harm.
  • Illicitly obtained money from fraud activity is almost never salvaged.
  • Clients, investors, and executives are usually the victims of fraud.
  • It usually takes months or years for internal management or auditors to detect internal corporate fraud.
  • Identifying corporate fraud sources can be challenging because most methods are well thought out and planned before execution.

Fraud has more than doubled in the United States over the last ten years. Businesses in Massachusetts have reported the most common fraud:

Billing Disparities

Wire Transfers

Reimbursement Requests

Check-out Register Alterations

Payroll Conspiracy

Inventory Theft

Check Misuse 

Company Credit Cards

Our Approach

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 Massachusetts 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 Massachusetts 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.

Intrusion Detection System New York

How are Massachusetts businesses preventing internal corporate fraud?

Many organizations in Massachusetts 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 Massachusetts companies complete visibility to all fraudulent activity, waste, and abuse.

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intrusion detection system Massachusetts

Valire is the world’s first cognitive fraud detection solution, which uses groundbreaking AI and machine learning technology. Valire provides Massachusetts 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 Massachusetts business from intrusion and fraud. Valire Software offers a cloud-based, easy to use intrusion detection system and fraud detection solution.

CONTACT US
Valire software LTD.
Location
oval-3
Massachusetts
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