SOX News

New Version of FirstStrike Fraud Detect Software Launched

(Feb 12, 2008)--Fraud is a major issue for today's businesses. According to a 2007 Kroll Report on global fraud, four out of five firms have experienced losses from fraud in the past three years. Larger firms have averaged losses of $20 million, with about one in 10 losing more than $100 million. To complicate the issue, a recent report from the Public Company Accounting Oversight Board says that auditors are doing a poor job of detecting fraud.

APEX Analytix, provider of audit recovery services and software for performance management, error prevention and fraud detection in the procure-to-pay cycle, announced the launch of enhanced versions of its industry leading Vendor Risk Analysis services and FirstStrike Fraud Detect software. To help companies stem their losses, APEX Analytix now offers enhanced Vendor Risk Analysis services that combine a manual evaluation by trained fraud prevention forensic analysts with the use of sophisticated software to flag high-risk transactions and vendors. Once potential problems are detected, auditors review documentation, public and proprietary databases and other resources to identify both fraudulent vendors and employees who sidestep internal controls.

APEX Analytix also is introducing an enhanced version of FirstStrike Fraud Detect, a comprehensive software solution that provides the continuous monitoring companies need to fight fraud in the accounts payable disbursement process. The company has partnered with ATTUS Technologies, a leader in regulatory compliance, to incorporate the latest government information on prohibited individuals, companies and countries into FirstStrike Fraud Detect, including lists of known terrorists and international narcotics and weapons traffickers provided by the Office of Foreign Asset Controls.

FirstStrike Fraud Detect uses sophisticated algorithms and analytics to consolidate, monitor and analyze all vendor, invoice and employee data. More than 20 proven industry controls are used to uncover overlapping relationships, flag suspicious transactions and provide a risk score for each vendor. As a result, companies are able to focus on clear, actionable results. They also have the tools they need to validate internal controls and to comply with Sarbanes-Oxley and other federal regulations by demonstrating a proactive approach to fraud detection.

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