Oversight launches fraud prevention software

In the realm of enterprise security, preventing confidential data from leaving the company is one thing, but thwarting money loss is something else entirely.

Oversight Technologies introduced software this week that continuously monitors financial applications to ensure employees are not defrauding the company by cutting themselves checks or inventing bogus vendors.

Chris Rossie, vice president of sales and business development at Oversight, said 2 percent to 5 percent of revenue lost is the result of employee theft. “Most solutions focus on revenue recovery … not [loss] prevention,” he said. 

Oversight uses AI (artificial intelligence) to continuously monitor  financial systems. The process uses data in financial apps to validate data on subsequent transactions.

The software does not stop a transaction, but rather, it alerts the company when a transaction looks suspicious. Suspicious activity includes checks for amounts just under the level required for approval, multiple checks for the same vendor, and changes to a vendor’s address.

Addressing the issue of confidential data, Vontu is developing software that prevents data from leaving a company by electronic means such as e-mail and IM.

Kevin Rowney, CTO of Vontu, said one of the best preventative measures is to conduct a thorough risk assessment prior to monitoring.

The Association of Certified Fraud Examiners said the average fraud scheme lasted 18 months prior to detection, and in 2002, $600 billion was lost to fraud.