New York

What is Cognitive Computing?

New York is one of the most well-known destinations in the world. More than 19 million people live in the state of New York, which provides corporations a lot of inconvenient opportunities for internal fraud.

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New York state had 128,208 reports of fraud in 2019, which means for every 100k residents there were 656 internal fraud reports.*

Not to mention the corporate fraud that went unseen and unreported. According to a report published by Berkeley University, an estimated one third of corporate frauds are actually detected. The fraud in New York during this short time period resulted in more than $82 million in losses. The state of New York ranks # 12 in the United States for the percentage of fraud reports per capita.

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

Here are some additional facts to consider about how New Yorkers can jeopardize your business with fraud

  • Unethical individuals may be in your employ, one of your partners, or even a client of the company.
  • Money illegally acquired from corporate fraud is rarely recovered.
  • Most fraud goes unnoticed for months or even years before discovered.
  • Corporate fraud is usually immensely thought out and complex, making it difficult to identify the source or particular actions.
  • Victims of corporate fraud are most frequently executives, investors, and clients.

The most common types of corporate fraud in New York businesses include:

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 New York 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 New York 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.

Intrusion Detection System New York

How are corporations in New York preventing internal fraud?

Many corporations in New York are beginning to consider implementing 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 New York companies complete visibility to all fraudulent activity, waste, and abuse.

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Intrusion Detection System New York

Valire is the world’s first cognitive fraud detection solution, which uses groundbreaking AI and machine learning technology. Valire provides New York 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. Learn More.

Contact Valire Software today to get started on a journey to protecting your New York business from intrusion and fraud. Valire Software offers a cloud-based, easy to use intrusion detection system and fraud detection solution. 

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Valire software LTD.
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New York
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