As we gear up for Fraud Awareness Week, let’s dive into the superhero role that Videosign aims to play in battling occupational fraud, with a spotlight on the part it plays in preventing Billing Schemes. These schemes are the heavyweight champions of asset misappropriation, often leaving organisations with the highest median financial losses. These schemes involve deceptive practices such as creating, modifying, approving, or verifying digital documents.
Billing Schemes Dynamics:
Billing schemes are notorious for causing victim organisations to purchase non-existent, overpriced, or unnecessary goods or services. Perpetrators typically fabricate supporting documentation to legitimise fraudulent purchases, directing payments to their own accounts and illicitly benefiting from the transaction.
Behind the Scenes of Billing Schemes:
Creation of False Documents: Fraudsters generate counterfeit invoices, purchase orders, or other documentation to justify unauthorised payments.
Approval Process: Deceptive approval methods, including signature forgery or deceit, are employed to validate fraudulent documents within the organisation.
Vendor Setup and Payments: Fake vendors or redirected payments to the fraudster’s account are common tactics.
Collusion: Collaboration between internal and external actors sometimes facilitates the fraud.
Videosign’s Moves Against Billing Scheme Fraud:
Document Verification: Certified digital document collaboration ensures thorough verification and tracking of changes, establishing a robust audit trail for detecting false documents.
eSignatures and Biometric Verification: Videosign employs secure electronic signatures and biometric identity verification to confirm the legitimacy of the approving party, enhancing transaction security.
Video Conferencing for Approvals: Real-time, secure video conferencing during the approval process adds an extra layer of scrutiny, deterring fraud attempts.
Secure Transaction Logs: Videosign maintains comprehensive transaction logs, aiding in the detection of irregularities indicative of a billing scheme.
Reduced Collusion Opportunities: Video-conferenced, logged document handling processes minimise opportunities for collusion, leaving a digital trace.
Training and Awareness: Videosign serves as a platform to raise awareness about secure document handling practices, acting as a deterrent by highlighting the system’s capability to identify anomalies and fraudulent activities.
In the ongoing battle against fraud, Videosign continues to evolve to offer a suite of tools to safeguard organisations from the intricate web of Billing Schemes. With its document verification prowess, biometric identity shields, and video conferencing, Videosign offers increased security as well as a superior user experience, focused on creating a fraud-free future. Why not join forces with Videosign? Together, we can fortify the defenses, one secure document at a time.
Stay vigilant, stay secure, and let the era of fraud prevention shine!