Are there cracks in your business’s security? Arm yourself against cybercriminals

Are there cracks in your business’s security? Arm yourself against cybercriminals

2021-12-01 03:11:00 AM

Are there cracks in your business’s security? Arm yourself against cybercriminals

SPONSORED | XTND empowers companies with the hi-tech tools and knowledge they need to fight off fraudsters

 companies with the knowledge needed to take control and thwart attempts byopportunists and criminal syndicates.Aligned with the Association of Certified Fraud Examiners (ACFE), and with access to certified security specialists, forensic accountants and other industry experts, XTND can identify issues damaging businesses, solve them and, most importantly, prevent them from recurring. 

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The company, which is part of, Africa’s largest technology service provider, offers a trio offlagship products to help businesses bolster their defences:Veritas, a risk-mitigation platform for the insurance and assurance industries;ExposeIT, a 100%ExposeIT Crime Intelligence, a powerful tool to gather enterprise-wide insights.

Filtering out fraudThe Veritas platform has been designed specifically to identify and reduce fraudulent insurance and assurance claims. It hasprevented the payout of almost R9bn in unlawful claims since it was first introduced to the SA market in 2012.

Veritas usesartificial intelligence to automate business processes and gather data insights toidentify claims that may be fraudulent — whether syndicated or opportunistic — in real time.  The risk of new claims can be determined in seconds. This allows low-risk claims to be paid out exceptionally quickly, which is a huge market advantage for XTND’s clients as doing so can drive sales and bolster customer retention.

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Claims bearing a high propensity for fraud are flagged and more than 80% of these are eventually repudiated, ensuring no undue claims leakage. As a result, XTND is the only organisation in SA that guarantees a positive cost-benefit ratio to its customers — that Veritas will prevent fraud losses far exceeding the cost of XTND’s solutions and services. 

Whistle-blowing evolvedThe strength of our society rests on our ability to stamp out wrongdoing and keep the courageous people who expose it safe. That’s whyExposeIT, ananonymous reporting platform, has been white-labelled by several multinationals.ExposeIT has become the world’s l

eading whistle-blowing app for following reasons: It assures anonymity; it does not store any personal information and its users are untraceable.  It’s an incredibly easy-to-use and entirely customisable app. It’s accessible via mobile phone and allows for the upload of documents including videos, photos and voice notes, which are all stored securely on I

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BM’s secure cloud servers. It records a full audit trail providing management information dashboards and allows examiners to work with the whistle-blower to build a strong case. Revealing hidden patterns in dataThe biggest challenge for most businesses is to make sense of all their data. Multiple data sets, legacy systems, multiple touchpoints and data quality are some of the challenges making this a non-trivial task. 

The ExposeIT Crime Intelligence platform, powered by IBM i2, is a powerful tool toget enterprise-wide insights.Fast factIn July 2021, when SA was rocked by violent unrest and looting, the ExposeIT whistleblowing app was quickly adapted and made available by EOH to concerned members of the public to allow for incidents to be safely and quickly reported. 

This platform allows for the near-instant identification of anomalies, such as syndicates targeting weaknesses in your processes, applications or controls, for instance. It can trace the flow of money and establish links between collaborators.  

But the platform hasamuch wider application: its ability to securely decipher intricate flows of information makes it perfectly suited to investigative work such as investigative journalism.And its ability to tease out relationships between multiple data sets allows it to identify risky creditors or establish co-ordinated social media accounts, for example.

Building better companiesCompanies are often unwilling to take a proactive, preventive approach to security risks until it becomes an industry norm. That wait-and-see approach puts businesses squarely in the sights of criminal enterprises. XTND maintains f

rauddetection and IT security are not just tools to retroactively clean up a business — they can strengthen and grow it.About the author: Servaas du Plessis is the CEO of XTND.

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