Cybercrime is a growing threat.
Globally, corporations lose 5% or more of their revenue to occupational fraud every year and are increasingly exposed to attacks by both internal and external fraudsters and cybercriminals. The Covid-19 pandemic has heightened these risks.
In an environment marked by constant, evolving security threats, prevention is decidedly better than the cure. If you don’t prioritise your business’s security, it is not a matter of whether it will become a victim, but when.
XTND, a cyber security and fraud detection firm, offers a range of solutions that empower companies with the knowledge needed to take control and thwart attempts by opportunists 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.
The company, which is part of EOH, Africa’s largest technology service provider, offers a trio of flagship products to help businesses bolster their defences:
- Veritas, a risk-mitigation platform for the insurance and assurance industries;
- ExposeIT, a 100% anonymous whistle-blowing app; and
- ExposeIT Crime Intelligence, a powerful tool to gather enterprise-wide insights.
Filtering out fraud
The Veritas platform has been designed specifically to identify and reduce fraudulent insurance and assurance claims. It has prevented the payout of almost R9bn in unlawful claims since it was first introduced to the SA market in 2012.
Veritas uses artificial intelligence to automate business processes and gather data insights to identify 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.
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.
The strength of our society rests on our ability to stamp out wrongdoing and keep the courageous people who expose it safe. That’s why ExposeIT, an anonymous reporting platform, has been white-labelled by several multinationals.