The manufacturing sector is highly susceptible to noncash frauds such as asset misappropriation, where employees steal goods and materials, or the misappropriation and infringement of intellectual property, such as trade secrets or technology.
But that’s not all the industry has to counter. Billing fraud is another high risk area of concern, thanks to the variety of products used in assembly. Additionally, expense reimbursement and warranty fraud is also common.
Counterfeit products are a further fraudulent threat to the consumer goods and manufacturing industry. Not only does this impact on brand image, the potential for huge financial sales losses to counterfeit goods can also drastically effect the profitability of a company.
To help consumer goods and manufacturing companies stay one step ahead of the criminals, Portal has created Portal Analytics (PA); a collection of proven software that can be integrated over any existing system to provide a single view across disparate internal and external data sources.
As manufacturers become more automated, so have their internal controls – take for example, the installation of surveillance equipment, GPS tracking on delivery trucks, and corporate charge card monitoring for business expenses.
All this data will further aid the results of PA, as the solution’s integrated approach eliminates hours of spreadsheet based analysis by correlating the data from various internal controls in one place. This in turn portrays the discovery of hidden matches to detect fraud, which previously could have easily been missed.
- Timely, actionable intelligence to help identify, track and analyse fraudulent interactions – and disrupt the activity in its tracks
- Aids in the identification of key people, events, connections and patterns that might otherwise be missed to help minimises loses
- Drill down into data to identify non-obvious connections, patterns and trends in complex data – to minimise and block future complex fraudulent and criminal activity
- Generate evidence that helps law enforcement to catch and prosecute the criminals before they escape justice