Fraud detection software: Quicker fraud detection with NewMomentum
According to the Association of Certified Fraud Examiners, U.S. organizations alone lose approximately $65 billion annually to fraud which is an estimated 5% of their revenues (not all of this is online fraud although online fraud is the fastest growing area of growth in vendor fraud). These counterfeiters have no ethics and they don’t really care what goes into the product that they’re making and infringing upon. The products they sell are generally illegitimate and made of substandard products; they pose additional problems to the original company with costs to replacing these defective products carrying their brand name. NewMomentum’s fraud detection solution can • Spot online fraud abuses more quickly and comprehensively by monitoring more online sites—auctions, B2B/B2C market place exchanges, rogue sites set up to specifically sell counterfeit items. • Identify suspects and prioritize each based on client criteria (such as % discount, number of products, number of listings, etc. – allowing a company to quickly identify the top anti-fraud suspects To know more about New Momentum’s fraud detection software, Click Here.
Effective fraud detection system from NewMomentum
PwC global economic survey of 2007 suggests that close to 50% of companies worldwide reportedly have fallen victim to fraud. This should be an alarming sign to all organizations. And with the internet helping counterfeiters with access to millions of potential victims, counterfeiting is set to increase almost multi-fold. Therefore in addition to touting low-cost prescription drugs and cheap software via spam, counterfeiters can now sell a host of fake products through online auction sites. More importantly it is the original company which sets to lose not just customers but also valuable brand image to these counterfeits products. Thus companies should be prudent enough to act swiftly to these counterfeits and put in place New Momentum’s online fraud detection solutions which are built with easy-to-use graphical dashboard which allows customizable, top level view of offenders and trends,Click here. to read NewMomentum’s whitepaper on fraud detection solutions.
The fraud detection solution, you seek at NewMomentum
The counterfeiting problem and solution as it stands today is quite eloquently stated by what Nils Montan, the president of the International Anti-Counterfeiting Coalition had quoted, "There's no other way to do it. The Internet is simply too big just to have somebody doing Google searches for counterfeit products. You'd go insane." So here’s what actually happens: products are being bought from a counterfeit manufacturer in China or elsewhere for pennies on the dollar and are then sold on auction sites to make a quick profit. Most companies are aware of this, but simply don’t have the necessary manpower to constantly take down and remove all of these listings on various auction sites selling these counterfeit products. NewMomentum can, through partner investigative services and enforcement methods • Help shut down fraudulent sites selling their goods, whether counterfeit or gray market – thus protecting a company’s revenue, profits and brand • Collect evidentiary information on every suspect monitored, thus supporting future litigation endeavors against fraudulent entities. Click Here to register for our case studies on NewMomentum’s fraud detection software for different companies.