Proactively Identifies Fraud and Errors that Impact the Bottom-line
ATLANTA – June 1, 2011 –Oversight Systems announced today its Oversight 6.2 solution has achieved certified integration with the SAP® BusinessObjects™ Process Control application to further help organizations identify fraud and errors with continuous transaction monitoring. Through the integration, Oversight alerts SAP BusinessObjects Process Control of potential control violations identified by transaction monitoring based on event-driven defined rules, proactively providing the last line of defense.
Cyber fraud schemes from external sources including “spear phishing” have become increasingly common and sophisticated. Hackers use data gathered from social networks to gain user login credentials. Personal identification breaches can lead to criminals accessing business systems to set up false vendors, change vendor information, create false invoices and issue payments that can cost the company time and money to track down and recover, if at all.
Companies and institutions can reduce their losses from phishing campaigns by implementing real-time fraud identification solutions like Oversight Systems’ Continuous Transaction Monitoring software. While IT security and control monitoring mechanisms help prevent unauthorized access to secure back-office systems, spear phishing techniques circumvent these systems. How does the company ensure payments being initiated by an authorized user are in fact valid and not fraudulent activity?
“Today’s security systems do a very good job of preventing unwanted access, but no system is perfect,” says Patrick Taylor, CEO and president of Oversight Systems. “But security through ongoing analysis of all financial transactions can prevent hard-dollar losses from seemingly authorized and trusted users.”
These users process regular transactions and follow control procedures, but Oversight scrutinizes 100% of transactions by letting the analytics gather relevant, cross-system information; interpret both current and past data to determine if there is high likelihood of fraud or errors; and alert management of suspicious activity and anomalous transactions. The results can provide insight into control failures, thus providing SAP BusinessObjects Process Control with the ability to manage remediation of controls and improve business processes while reducing losses. Taking a continuous monitoring approach ensures that business processes are effective and secure.
The SAP Integration and Certification Center (SAP ICC) has certified that Oversight 6.2 integrates with SAP BusinessObjects Process Control via a Web service interface to send messages of potential control violations, which can be continuously monitored in SAP BusinessObjects Process Control.
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About Oversight Systems, Inc.
Oversight Systems identifies fraud, misuse and errors in business transactions and master data files for some of the world’s largest companies and institutions. Its Continuous Transaction Monitoring software is capable of processing and comparing data across multiple, often disparate systems. Oversight harnesses powerful analytics that excel at finding problems and offers an investigator’s workbench for fixing problems. This process drives users to efficiently correct exceptions and provides management with actionable information for continuous financial and operational improvement. For more information, visit www.oversightsystems.com.
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For more information, please contact:
David Deady Ben Jolley
Oversight Systems Connect PR
Oversight Systems and the Oversight Systems logo are trademarks of Oversight Systems, Inc.SAP and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries.Business Objects, BusinessObjects and the Business Objects logo are trademarks or registered trademarks of Business Objects in the United States and/or other countries. Business Objects is an SAP company. All other products and service names mentioned herein are the trademarks of their respective owners.