Safeguard Your Business with Advanced Fraud Detection and Prevention

Asset Misappropriation Detection

Asset Misappropriation involves schemes where employees steal or misuse an organization’s assets. Our AI-powered systems monitor activities to detect:

• Skimming Cash Receipts: Identifying when cash is stolen before it is recorded.
• Falsifying Voids and Refunds: Monitoring unauthorized voids, refunds, and other fraudulent cash manipulations.
• Tampering with Company Checks: Detecting forged, altered, or misappropriated checks.
• Overstating Expenses: Tracking inflated or fake expense reports submitted by employees.

Corruption Detection

Corruption schemes occur when employees misuse their position to benefit personally, at the expense of the organization. Vedia’s solutions detects:

• Bribery: Detecting invoice kickbacks, bid rigging, and other unethical payments.
• Conflicts of Interest: Identifying situations where employees engage in transactions that benefit themselves, compromising the business.
• Sales Schemes: Monitoring for fraudulent sales or commissions arising from corrupt relationships.

Fraudulent Disbursements

Fraudulent disbursements occur when employees use the company’s payment systems to issue unauthorized payments. Vedia’s solutions monitor:

• Billing Schemes: Detecting false invoices from shell companies or non-accomplice vendors.
• Payroll Schemes: Identifying ghost employees, falsified hours, or unauthorized bonuses.
• Expense Reimbursement Schemes: Monitoring for overstated or fabricated expenses.
• Check Tampering: Flagging forged, altered, or unauthorized checks.
• Register Disbursements: Detecting fraudulent voids or refunds at the cash register.

Cash Larceny Schemes

Cash Larceny occurs when employees steal cash after it has been recorded. Our systems detect:

• Cash Larceny from Sales: Identifying discrepancies between recorded sales and deposited cash.
• Receivables Larceny: Detecting unrecorded or diverted receivables.
• Refunds and Other Larceny: Monitoring for unauthorized refunds or manipulations in financial records.

Financial Statement Fraud Detection

Financial Statement Fraud involves deliberate misrepresentation of the financial status of a company to mislead stakeholders. Vedia’s AI-powered models identify:

• Overstatements or Understatements: Detecting inflated revenues or understated liabilities.
• Fictitious Revenues: Flagging fake sales or improperly recognized income.
• Concealed Liabilities and Expenses: Identifying missing liabilities and improperly recorded expenses.
• Improper Asset Valuations: Monitoring for inflated or fabricated asset valuations.

Supply Chain Fraud Prevention

Supply Chain Fraud can arise from collusion, fraudulent contracts, and manipulation of purchasing processes. Vedia’s solutions monitor:

• Vendor Collusion: Detecting price-fixing or bid-rigging among vendors.
• False Billing: Identifying duplicate invoices or billing for goods/services not received.
• Procurement Manipulations: Flagging conflicts of interest, bribery, and false bidding processes.

Benford’s Law Analysis

Benford’s Law is a statistical method used to identify anomalies in numerical data, particularly in financial records. Our solutions analyze large datasets to detect:

• Unusual Patterns: Identifying unusual distributions in financial figures that may indicate fraud.
• Anomalies in Transactions: Monitoring for deviations in transaction patterns, such as manipulated sales numbers or fraudulent revenue.

Insider Threat Detection

Mitigate the risk of insider threats by analyzing employee behavior and identifying suspicious activities, including:

• Unauthorized Access: Monitoring for unusual access to sensitive systems or data.
• Data Exfiltration: Detecting patterns indicative of data theft or misuse.
• Financial Manipulation: Identifying cases where insiders manipulate financial records for personal gain.

Securities and AML Fraud Detection

Securities fraud involves market manipulation, insider trading, and other illegal practices that undermine financial integrity. Vedia’s AI solutions monitor:

• Market Manipulation: Identifying fraudulent patterns in trading activities, such as pump-and-dump schemes.
• Insider Trading: Detecting unusual trading patterns tied to non-public information.
• Anti-Money Laundering (AML) Activities: Monitoring transactions to detect money laundering patterns, suspicious deposits, and complex layering schemes.