Fraud Prevention – Data Analytics Eliminate Duplicate Payments

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Fraud Prevention – Data Analytics Eliminate Duplicate Payments

Client Overview

A leading energy company.

Deployed Capabilities

Regulatory & Compliance
Transformation

$80K Recovered

Immediate cost savings from fraud detection.

90% Records Streamlined

Reduced vendor records by over 90%, improving efficiency.

Enhanced Controls

Established sustainable fraud prevention measures.

The
Challenge

Our client identified a troubling weakness in their accounts payable system: fragmented vendor records enabled duplicate payments, exposing them to potential fraud and financial losses. Recognizing that these inefficiencies posed a risk to their financial integrity, they knew they needed to act swiftly and decisively to safeguard their operations.

The
Custom 
Solution

Sirius Solutions partnered with our client to conduct an in-depth assessment leveraging advanced data analytics. Our specialists meticulously examined vendor records, payment histories, and processes. This analysis revealed that only 4,000 of the 47,000 active vendor records were essential. By collaborating closely with our client, Sirius Solutions helped implement enhanced controls and provided targeted staff training to recognize and prevent fraudulent activity. Our client’s proactive approach not only addressed the immediate issue but also set the stage for ongoing financial protection.

The
Impactful
Results

Through this collaboration, our client immediately identified over $100,000 in duplicate payments from just one vendor and recovered $80,000. Further investigation revealed an additional $20,000 in duplicate payments from additional vendors, prompting the decision to streamline their vendor management processes to improve operational efficiency. Their employees were empowered with the skills and knowledge to maintain robust fraud prevention practices. This sustainable framework ensures that our client’s finances are protected and demonstrates our client’s commitment to integrity and operational excellence.

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