The risk for fraud remains prevalent, with many organizations vulnerable to both internal and external threats. “Social hacking” and email spam are increasingly rife, and this is only compounded by the additional risk posed by inadequate internal controls. Poor supervision or a lack of verified processes can often lead to the creation of false documents or document tampering.
The increase in remote working due to COVID-19 has further indicated an upsurge in “remote” fraud as opposed to ‘in-office’. This is especially prevalent within the Financial and Accounts Payable departments.
Simply put, it is not enough to “shut the stable door after the horse has bolted.” We need pre-emptive measures to eradicate fraud at its source!
End-to-end automated workflows provide organizations with the capabilities and functionality needed to enact preventative measures across daily operations. These can be invaluable in the fight against fraud.
Customized to suit specific requirements, digital validation solutions (complete with electronic signature tools) enable organisations to implement and maintain an effective approval and validation process. Clearly defined parameters and templates further ensure stringent controls are enforced across entire automated workflows. This eliminates any room for manual manipulation or human interference.
The ability to access systems remotely, as seamlessly as in-office, allows a company’s stipulated chain of approval to remain the same, even when remote working. Additional security layers for processing amounts exceeding a company’s threshold further allow for greater checks and validations.
The result is an entirely different and much deeper level of accountability. The ability to view the specific details of each document –who signed it, where, and when–allows for complete transparency (and accountability) at each step of the process.
Furthermore, this approach vastly reduces the risk of fraud through efficient, safe, and secure internal processes. It also improves adherence to growing compliance regulations with greater accuracy, productivity, and timeliness.
However, not all solutions are the same. Here is a checklist to consider when reviewing potential fraud prevention options:
- Safer exchanges
Certification of the sender’s identity via their sender’s signature allows for greater data integrity and authentication. Once a document has been signed, said signature cannot be altered or modified. This allows for tighter controls, greatly mitigating [risk of fraud across both internal and external documentation.
- SMS authentication
An additional layer of security to ensure access and validation by the intended recipient only.
- Cloud or on-premise
Hesitant to store sensitive company documents and signatures remotely on a cloud that is not yours? Your ideal solution can offer you the freedom to choose between cloud, on-premise or a hybrid option.
- Track, trace, and proof!
Access full audit trails in real time with no lost documentation. In addition, you can have the ability to view each document’s specific attributes right down to GPS location, IP address, and mobile number country of origin.
- Third party access
Secure access to third parties (suppliers, vendors, et al.), as needed, allows you to ‘own’ the entire process within your predefined parameters and security levels.
Automated workflows for documentation and e-signature approval have a role to play in combatting fraud, with the potential to save businesses and the economy millions! Strict controls and enforced vetting and verification at each step of every process can help organizations, minimize, and eradicate the risk of fraud globally.
Symtrax helps your business transition towards the digital future you envision and need! The combined effort of multiple technologies able to work together, albeit on disparate systems, is what truly contributes to an effective (and holistic) digital transformation.
Our document management services use automation to help reduce manual dependencies, making data management easier for both cloud and on-premises systems.