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Fraud analytics
In PwC’s 2022 Global Economic Crime and Fraud Survey, 51% of surveyed organisations say they experienced fraud in the past two years, the highest level in our 20 years of research. The survey affirms that organisations are now strengthening internal controls, technical capabilities and reporting to prevent and detect fraud. However, defending against external predators requires a different set of tools.
Preventing fraud and other economic crimes is a complex challenge. It takes a continuous focus on policies, training and internal controls and — increasingly — the use of sophisticated technology. With data & analytics, PwC can perform more powerful and advanced suspicious and fraudulent transaction analytics by bringing together multiple processes for cross-functional testing.
How we can help
Identify gaps, efficiencies and effectiveness opportunities
Identify and assess existing and emerging fraud risks across channels, products and business processes
Evaluate the design of controls and identify gaps and deficiencies
Tune and optimize fraud models/rules
Develop fraud dashboards for trend analysis, model optimization, customer segmentation and data quality analysis
Perform targeted testing and analysis based on fraud risk criteria
Why are we qualified to help
The following selected citations represent engagements where we have helped clients address fraud-related risks by providing insights using data analytics:
PwC partnered with a global building materials company to identify fraudulent and suspicious transactions relating to their Order-to-Cash process. Working closely with Forensic team, we were able to quantify losses based on their sales invoice data amounting to PhP10M. The losses were comprised of uncollected receivables, excessive special rebates granted to customers, discounts provided to fictitious projects and the impact of other high risk OTC vulnerabilities.
A leading hospital in the Philippine engaged PwC to perform analytics over: inventory items logged in the system for unusual length of time, recorded inventory issuances that have potential unusual reversals, unusual inventory movements (purchase to issuance) and validated recognized potential irregularities in inventory records.
PwC assisted a holding company for audio and music products brand in a review and analysis of all disbursement transactions of the company and in profiling credit card transactions as to its nature and validity.
A pharmaceuticals company sought the assistance of PwC in identifying top partner stores in terms of volume of suspicious or outlier transactions as identified and agreed with management. A total of 3K instances, consisting of 20K+ suspicious transactions amounting to a total of PhP6.5M worth of discounts were flagged and traced to 1K+ partner stores.
Research and insights
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