Automated Fraud Detection

Protect against employee, vendor, payment and identity fraud

Protecting Against Vendor and Employee Fraud

Key Benefits: Fraud Prevention
The following stringent controls prevent a number of different types of fraud, without which a supplier and staff member may collude to push up pricing in return for kickbacks, or suppliers may offer low hourly or fixed rates while making excessive margins on spare parts.

Authorised Staff Approve Suppliers & All Fees
Only authorised staff may approve new suppliers. Suppliers enter detailed fees, per job category, including: call-out charges, billing increments, hourly, overtime, weekend and fixed rates. These fees must be approved in advance before the Supplier can be assigned any jobs.

Selecting the Lowest-Cost Suppliers
When a tenant or owner place an order, the property manager selects property and job type (plumbing, snow removal etc.) and is only shown the top 3 cheapest suppliers, working on this job type. No other supplier can be booked.

Further Supplier Approvals
If a supplier accepts a work order and selects “hourly billing”, pre-approved hourly rates are assigned automatically. The supplier cannot change hourly rates (without repeating the approval cycle). If Fixed Rate is selected, thus far the system only holds price ranges for fixed jobs, so the Supplier now enters a fixed quote, which must be approved. Suppliers also enter pricing for all spare parts per job with details sent to the Property Manager for final sign-off and order approval.

Automated Invoicing
Once the job is complete, invoices are created automatically based on system pricing of hourly and fixed rates, billing increments and spare part costs. This prevents Suppliers from changing terms and conditions and saves your staff considerable time as they no longer need to proof supplier invoice calculations. A final safeguard, is that only Authorised Finance Staff can wire out funds.

Tenant & Owner Feedback
Tenant or Owner Feedback and Ratings are required for all work orders. Aside from providing insights, these act as an additional control and provide independent confirmation that the maintenance job actually took place.

Adding New Properties
Another key fraud risk to address, is when an employee, without restricted access, adds fake properties, with fake tenants, sets up fake accounts or shell companies as owner, and uses this to wire out funds. To prevent this scenario only authorised staff may approve new clients and properties.

Wiring Out Funds
Only authorised (senior) finance staff may approve payments and wire out funds.

Identity Fraud

When fraudsters use Fake IDs untold damage may be inflicted on the entire ecosystem of online payments.

Failure to weed out fraudulent IDs at any entry point into the digital ecosystem, can produce a domino effect and facilitate all sorts of financial crimes.

Verifying an identity requires more than traditional checks in credit databases or electoral registers, as a fraudster may use stolen and public data to impersonate the real person and the greater the footprint of the fake ID the more likely the fraudster will be able to access additional services elsewhere. Suppose a fraudster obtains a mobile phone: this alone would enable someone to pass standard 2-Factor Authentication logins. Our stricter login protocols do not rely on mobile texts as those can be intercepted through social engineering.

IDcheck uses its own Biometric ID Verification product, with Liveness and Motion detection algorithms followed by Facial Recognition, to ensure the remote person matches official ID documents. Next we validate checksums and other fake markers on the Identity document to validate its authenticity.

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Protecting Against Phishing Fraud

Phishing Fraud is an increasing problem. Here is a true story. A respected builder visited a client and gave a verbal quote, which was accepted. However, the builder’s system had been hacked. The hacker knew the client’s name, address, email, and price – emailed the client a fake invoice with the builder’s name and logo but the hacker’s bank details – the client paid and was left out of pocket.

Email is not a secure form of communication and should not be used to send out invoices. IDprop’s secure login means all invoices inside the portal originate from the real vendor.

We will soon be launching IDpay as a secure portal for all sectors to send and receive invoices and arrange secure payments.