How to Identify Suspicious Transactions: Detect Risk and Fraud Within Your Financial Operations
If you’re reading this blog, you’re probably someone that manages the day-to-day finance operati...
Introducing Detect
1 in 4 organisations are impacted by fraud. And almost all organisations are affected by payment processing errors. Fraud and error can cost your organisation time, money and even reputational damage.
Detect is the essential payments security add-on for AccessPay users seeking to stop fraud and error before payment files are processed.
What Can Detect Do For You?
Improve Payment Controls
Using a combination of pre-defined rules and artificial intelligence, Detect significantly reduces the possibility of erroneous transactions slipping through the cracks.
Detect Payment Fraud Early
Using a series of triggers and rules, Detect flags possible fraud attempts at the point of payment initiation
Intel to Help You Act Fast
Detect helps you act fast. With any irregularities flagged as soon as your payment file enters the AccessPay platform.
How Does Detect Work?
Detect uses a set of pre-defined rules which can be adapted to build a continuous profile of irregular activity for your organisation. Irregular activity is then flagged using a traffic light system which indicates the individual transactions that need your attention.
Detect is an alerting tool and will not suppress individual transactions automatically, suppression is managed by the user reviewing the information.
What rules are available with Detect?
- Unrecognised creditors
- Creditors paid more than once within the same file
- Creditors paid the same amount more than once within the same file
- Thresholds on total transaction count
- Thresholds on total transaction amount
- Thresholds on individual transaction amounts
If Only They Had Detect: News Worthy Use Cases
Accidentally Underpaying Staff
Some well-known organisations have hit the headlines recently by accidentally underpaying staff. If the error was flagged before Payroll submitted the payment file, this PR nightmare could have been avoided.
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Fraud
One organisation fell victims to CEO fraud via a spoofed email being sent to the finance team demanding to pay a supplier urgently. This could have been flagged as an unrecognised creditor if checked before the payment was ever processed.
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Value Threshold
An employer accidentally paid an employee 300x his salary. The employee took the money and ran. This could have been flagged as an exceeded transaction value threshold if the payment file was checked before being processed.
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Upgrade to Detect now
If you would like a full demo of how the add-on works, please get in touch via the form.
Detect FAQ's
What file type and payment work is Detect compatible with?
Any file type can be used for submissions to Bacs and Faster Payments (FPS)
How many transactions can Detect scan per file?
Files containing 15,000 transactions or less
Can all users access Detect results?
No. Only users with correct permissions can review the results to fall in line with segregation of duties amongst users.
Can scoring rules be changed?
Yes. Rules can be created, edited and deleted at any time by users with appropriate permissions. Changes must be made prior to a file being uploaded for the new rule variables to apply to that file. Rules also cannot be updated retroactively to modify existing scores.
Is Detect available for Bacs Approved Bureaus?
Detect is not currently available for those using AccessPay’s Bacs Approved Bureau solution.
