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