Data Mining

Hunting down fraud

Would you know if fraudulent activity was occurring in your organisation? Would you know if a fictitious supplier was being paid, or if you were paying some invoices (or employees) twice?

It is estimated that businesses lose billions of dollars every year to fraud, through the misappropriation of assets. Expense reimbursements, billing and payroll schemes are the most common and costly.

We are experts in sniffing out and hunting down fraud. Our work helps to minimise losses, increase efficiencies, improve controls and act as a deterrent to fraud in your organisation.

Data analytics – ranked the best out of all fraud detection methods – can detect anomalies which can dramatically reduce fraud, or the potential of fraud, in your organization. Our cost-effective data analytics services have the added advantage of being performed by qualified auditors, rather than IT people.

Our data analytics services include:

  • Finding duplicate payments, invoices or employees
  • Identifying fictitious suppliers and customers by checking validity of ABNs
  • Comparing employee details (bank account and address) to suppliers’ details
  • Identifying journals/payments being processed outside of normal hours
  • Identifying if limits/delegations of authority are breached/exceeded
  • Checking you’re not leaking money through poor systems
  • Detecting inefficiencies, unmonitored expenditure and processing errors

Payroll Fraud

According to the Association of Certified Fraud Examiners, payroll fraud occurs in 27% of all businesses. Our payroll data analytics service can detect commonly found anomalies in your payroll system including:

  • Duplicate employee details
  • Duplicate bank accounts
  • Employees with no TFN
  • Employees with the same bank account details (or other details) as suppliers
  • Employees who’ve worked above standard hours
  • Employee pay rates not matching their award rate or equivalent
  • Employees with excessive overtime or payment of allowances

Want to know more about data mining?