Fighting fraud together

Graydon Fraud Prevent & Detect

Fraud is a social problem that deserves a thorough approach. Not only from the government, but also from the business world with the idea of ​​'strong together' in mind. After all, fraudsters are becoming increasingly sophisticated and inventive to steal money or assets from inattentive parties. Moreover, rogue organisations have eagerly made use of the digital revolution, which companies often accelerated during the coronavirus crisis, to make their move. Graydon Fraud Prevent & Detect makes this a lot more difficult.

Graydon event - Fighting fraud together

Graydon Fraud Prevent & Detect

The figures from fraud investigations vary widely. Depending on the research method, between 20 to 30% of the companies surveyed have experienced fraud in the past 5 years. The average damage caused by fraud also varies from 29,000 to 200,000 euros. Other sources estimate the amount of fraud committed annually in Belgium at 25 billion euros. Figures from the University of Portsmouth indicate that the cost of fraud worldwide is equivalent to 6.4% of global GDP. Or simplified to the individual case: 6.4% of your turnover.

We'll leave the exact numbers up to you. But it is clear that fraud occurs frequently and entails considerable (financial) damage. Both for the individual company and for society.

What are you doing to protect your company and the 6.4% of your turnover against such criminal practices?

Graydon Fraud Prevent & Detect considers no fewer than 65 data elements (which can be grouped into the categories of financials, management, activity, location and status of the company) to assess the likelihood that companies will engage in fraudulent practices. After all, these types of companies have specific characteristics and patterns.

With Graydon Fraud Prevent & Detect, you immediately find out how likely your (potential) customer or supplier is to have fraudulent intentions. Much faster than with a manual check, while the model also takes many more elements into account. By excluding companies from further scrutiny because they are not suspicious, you will have more time to examine more thoroughly the doubtful cases with their suspicious signals.

The predictive level of the model is becoming increasingly accurate per sector and per customer, because the algorithm based on smart artificial intelligence is continuously updated.

Community data

Solidarity is a word that is high on the wish list of all stakeholders who work with Graydon Fraud Prevent & Detect. Graydon therefore collects a mass of data via the community, to feed the algorithms and to better predict the risk of fraud. The users of the platform all strive for fair play and social justice. Because if different players join forces to tackle fraudulent companies, the results across the sectors will benefit from data from the community.

After all, a company that intends to succeed will not limit itself to one supplier. No, it goes shopping at different suppliers' in the same sector. In that sense, the ecosystem is invaluable.

Contact us

Graydon Fraud Prevent & Detect is the extra pair of glasses that every company needs to detect fraudulent companies at an early stage. Because if you look purely at creditworthiness, they stay neatly under the radar to bypass your checks. Be prepared. Be wary of manipulated, polished numbers, false identities and invoices. These are the most common forms of fraud that we encountered in the approximately 1,200 cases that Graydon has collected to date. You need to recognise the patterns before the fraudster can make their move. So that you can take preventive action and help to get rid of fraud.

Would you like to know more about Graydon Fraud Prevent & Detect? Or would you prefer a demo of the solution? Please contact our fraud specialist Jens verboven via e-mail or send him a personal message via his LinkedIn profile.

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