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MANUFACTURING
Aquila is the best solution available today in detecting Fraud in the Manufacturing sector.
Fraud Detection for Manufacturing Sector

Fraud in the Manufacturing Sector

The manufacturing sector is one of the most susceptible industries to fraud. According to a report from the Association of Certified Fraud Examiners (ACFE), the median fraud loss for manufacturers is pegged at $200,000. These numbers are high compared to the $150,000 median loss of other industries. 

Following possible fraud in manufacturing Sector are :

Insurance Non Medical Insurance Fraud Hits The 40 Billion Mark Per Year

Corruption

Manufacturing Billing Schemes

Billing Schemes

Manufacturing Asset Misappropriation.

Asset Misappropriation

Manufacturing False Warranty Claims

False warranty claims

Procurement, Vendor or supplier Fraud

Procurement, vendor, or supplier fraud

The same report revealed that 40% of manufacturing fraud is discovered through tips, mostly from employees. Manufacturers also unearth fraud through tips from customers or suppliers, internal audits, or management reviews.

Fraud detection and prevention solutions can augment the efforts of manufacturers in battling fraud and preventing losses.

Act Quickly Against Manufacturing Fraud Using Aquila

Aquila serves as your eagle eyes in your fight against fraud business loss.

No business is immune to fraud – so you need to use the best tools available to enhance your protection and reduce the chances of loss. Manufacturing is vulnerable to fraud because of the volume of transactions, materials, and products.

Find out more about how Aquila can help you defeat manufacturing fraud.

The Benefits of Using Aquila Fraud Detection Solutions

Aside from having mechanisms to lower the risk of falling victim to fraud, artificial intelligence (AI) and machine learning (ML) are now essential tools in the war against fraud. Aquila leverages fraud detection AI/ML and the best technologies today to pinpoint anomalous transactions in your manufacturing business.

Scalable Platform

Aquila’s solution will not disrupt your existing workflow and production, instead enhances your existing setup and makes it more efficient.

Fraud detection will be made easy, since Aquila can handle a large amount of data which needs to be reviewed. Thus provides useful and meaningful information to your fraud investigation staff, and they can focus on collecting evidence that they can relay to your legal team. As a result, you can resolve fraud cases and recover losses in very less time

Accurate Assessment of Risks

Fraud detection and prevention using AI and machine learning make use of algorithms that allow the program to make sense of the data efficiently. Data processing is faster. In no time, you can generate custom reports that will be useful for decision-makers and other collaborators.

Predictive Data Analytics

Aside from identifying suspicious transactions and quantifying fraud, Aquila also discovers complex data patterns that allow you to assess your risk for fraud.For example, it uses a scoring and Ranking algorithms to warn you of risky individuals, suppliers, or other parties you interact with, based on historical data. With that, you can assess whether it is worth continuing to partner with them, or if it would be wiser to cut ties with potential or repeat offenders.

Speedy Case Closure

Aquila will not only give you useful information about fraudulent transactions or behaviors, but also actionable insights. You can use these insights to discipline guilty parties internally, or take legal action to close fraud cases swiftly.